On Tuesday, the US House of Representatives passed Resolution 1602 – Removing Barriers to the Innovation Act, introduced by Representative Patrick McHenry (R. North Carolina).
HR 1602 was among six bills on financial services passed by the House of Representatives on Tuesday, with the McHenry-sponsored law focusing on clarity in cryptocurrency regulation.
The bill was reintroduced in March and aims to clarify the role of agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission to monitor cryptocurrencies in the United States.
The bill also aims to answer the debate on whether cryptocurrency tokens are securities or commodities.
McHenry addressed the floor of the House of Representatives when they passed the bill:
[This Act] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group on digital assets. This is the first step towards opening a dialogue between regulators and market participants and moving towards the necessary clarity. ”
Under the terms of the bill, Congress will have 90 days to establish a working group with representatives from the Securities and Exchange Commission, the Commodity Futures Trading Commission and the private sector.
Participants in the private sector will benefit from financial services and financial service companies, small and medium-sized enterprises and academia.
Once the working group has been formed, it will have one year to publish a report analyzing the current regulatory climate for cryptocurrencies. The committee’s work will also focus on issues such as cryptocurrency conservation, cyber security, private key management and investor protection.
The ambiguous nature of cryptocurrency regulation in the United States continues to generate some frustration among industry stakeholders in the country. Some industry insiders claim that the United States risks losing its place in the emerging digital economy due to a lack of clarity in the regulation of digital assets.
Earlier in April, Goldman Sachs CEO David Solomon predicted a major development in cryptocurrency regulation in the United States.