The House of Representatives adopted two bills Thursday afternoon who will create regulatory executives for cryptocurrencies and stablecoins. If invoices have been promulgated, it will be the first time that digital assets will be officially introduced into the United States’s financial system.
The two bills were adopted on a strong bipartite basis.
The Genius Act, which covers stablescoins which are directly linked to the value of assets like the US dollar, now go to President Donald Trump for his signature. The Clarity Act, which regulates payment cryptocurrencies and other digital assets, goes to the Senate, where legislators expect to make changes.
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What do the invoices do?
The act of genius
The bill creates a regulatory framework for stablecoins and businesses seeking to become stablecoin issuers under license.
It requires that stablecoins be supported at least one by one with reserves, such as the US dollar, cash tickets or obligations. These reservations must be held in a regulated state or a federal institution.
There are also protections against money laundering and national security threats. The issuers will have to monitor and report suspicious activity, respect American sanctions and block transactions that violate state and federal laws.
The legislation also specifies that the American government does not support payments in the floors and is not subject to insurance against the deposits of the Federal Deposit Insurance Corporation.
If the bill has become law, it will be the first time that digital currency will be officially introduced into the American financial system. Trump reported support for two measures.
“In the United States, Stablecoins have worked in a legal gray area. Stable issuers trying to follow the rules cannot be sure which rules to follow,” said majority chief John Thune, Rs.d.
Read the full bill here.
The act of clarity
The legislation creates a system of exchanges, brokers and digital dealers to register with the Commodity Futures Trading Commission (CFTC). The bill also describes how these entities can maintain their status by keeping the books and recordings open with the CFTC and the disclosure of customers on how they treat their assets.
In addition, the Clarity Act creates rules to ensure that the blockchains on which cryptocurrencies work are correctly decentralized, so no single entity manages them.
He divides authority to supervise cryptocurrencies and exchanges between Securities and Exchange Commission and the CFTC. It also establishes a legal framework so that people in the United States have custody and carry out transactions with their legally digital assets.
It implements the same rules to protect against money laundering and national security threats as the law on engineering. Read the full bill here.
Cassandra Buchman (digital producer of the weekend)
contributed to this report.
