Rep. Patrick McHenry, chairman of the House Financial Services Committee (FSC), has introduced a legislative proposal aimed at providing regulatory clarity to the digital asset ecosystem. The committee is set to meet on July 26 to discuss three bills: HR 4763, the 21st Century Financial Innovation and Technology Act; HR 4766, the Payment Stablecoin Clarity Act of 2023; and HR 1747, the Blockchain Regulatory Certainty Act.
The Payment Stablecoin Clarity Act, proposed by McHenry, aims to bring regulatory clarity to the issuance of stablecoins for payments. HR 4763 establishes a framework for the digital asset market structure tailored to the unique characteristics of digital assets, as stated in the memo issued on July 21. HR 1747 prevents blockchain developers from obtaining a license as long as they do not engage in cryptocurrency trading. The proposal comes shortly after the introduction of the Financial Innovation and Technology for the 21st Century Act. US Rep. French Hill, chairman of the Digital Assets subcommittee, believes that establishing a functional regulatory framework can protect investors from financial fraud, providing strong consumer protections and clear rules for market participants.
In other news, the US Department of Justice (DoJ) has made a significant move to combat cryptocurrency-related crimes. The DoJ is doubling the size of its cryptocurrency crime team by combining the Computer Crimes and Intellectual Property Unit (CCIPS) with the National Cry cryptocurrency Enforcement Team (NCET). This merger will create a larger structure with additional resources, and the number of criminal department lawyers handling cryptocurrency criminal cases will more than double. This move is aimed at addressing the growing challenges posed by cryptocurrency-related crimes and strengthening the enforcement efforts in this area.
