FSC to Review Digital Asset Legislation for Regulatory Clarity


July 24, 2023


Gabriel Negrín

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Representative Patrick McHenry, chairman of the House Financial Services Committee (FSC), has announced the markup of legislation for the digital asset ecosystem

On July 26, the committee will meet to debate measures such as H.R. 4763, the Financial Innovation and Technology for the 21st Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; and H.R. 1747, the Blockchain Regulatory Certainty Act.

McHenry's bill focuses on establishing clear regulations for stablecoin payments. H.R. 4763 aims to create a tailored framework for digital assets. Finally, H.R. 1747 seeks to exempt blockchain developers from licenses if they do not deal in crypto.

The markup date follows the introduction of the Financial Innovation and Technology for the 21st Century Act. 

Representative French Hill, chairman of the Subcommittee on Digital Assets, stressed the need for a regulatory framework to safeguard investors from fraud. 

He emphasized that such measures could prevent incidents like FTX's loss of customer funds and ensure consumer protection and clear rules for market participants.