US House Republicans introduced a landmark crypto bills<\/a> to establish a regulatory framework for digital assets, protect consumers, foster innovation, and position the United States as a global leader in finance and technology. The crypto bill made key revisions to the June draft digital asset market structure and stablecoins bills after Judge Torres’ critical decision<\/a> in the US SEC v. Ripple Labs <\/em>lawsuit.<\/p>\n TheFinancial Innovation and Technology for the 21st Century Act<\/strong>is introduced<\/a> by US House of Representatives Republicans Glenn Thompson, French Hill, and Dusty Johnson. Others such as pro-crypto Congressmen Patrick McHenry, Tom Emmer, and Warren Davidson are also named as key contributors. The bill introduced today is the latest version that’s signed, has a bill number, and will be marked up next week.<\/p>\n <\/p>\n It will provide clarity on the digital asset ecosystem and oversight of the crypto industry. The bill offers<\/a> both the Securities and Exchange Commission<\/strong> (SEC) and the Commodity Futures Trading Commission<\/strong> (CFTC) jurisdiction over the crypto industry in separate areas.<\/p>\n Patrick McHenry<\/strong>chairman of the House Financial Services Committee, said:<\/p>\n \u201cThis is a pivotal moment for America’s standing as the global leader in innovation and technology adoption. Not only can digital assets revolutionize our financial system, but their underlying blockchain technology holds promise as the building blocks for the next generation of the internet.\u201d<\/p>\n <\/p>\n<\/blockquote>\n The latest version of the bill makes several key changes following the XRP ruling. It includes definitions of digital assets and decentralized under securities law and commodity laws, as well as allowing exchanges and firms to file a notice of intent to register with the SEC or CFTC.<\/p>\n The legislation would also mandate the SEC and CFTC to conduct a joint study to \u201cassess whether additional guidance or rules are necessary to facilitate the development of tokenized securities and derivatives products.\u201d The regulators would consider rules that impact the fairness of the markets, public interest, and investor protection.<\/p>\n See an overview of major changes to the crypto bill here<\/a> and other changes in the crypto bill document.<\/p>\n <\/p>\n If the bill is passed in the House, it would be up to the Democrat-led Senate to decide on the bill. Some Democrats such as Maxine Waters have expressed concerns about the bill. Also, the SEC under Gary Gensler repeatedly said new rules aren’t needed to define crypto assets. However, the Ripple vs SEC ruling shows that digital assets require new rules and definitions.<\/p>\n The crypto community reacted positively to the introduction of the crypto bill. The community believes the announcement is bullish for the market.<\/p>\n \u201cIf we want to be taken seriously as a nation, we have to act seriously as a nation. This legislation would finally put the US into the global conversation on digital asset regulation. Congress should enact this without delay. said<\/a> Coinbase CLO Paul Grewal<\/strong>,<\/p>\n Pro-XRP attorney John Deaton<\/strong> arguments<\/a> he will reserve his opinion for later as some are still trying to attack the crypto.<\/p>\n\n
Changes After the Judge Torres’ Ruling in the XRP Lawsuit<\/h2>\n
Crypto Community Reactions<\/h2>\n
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