In 2023, the House Financial Services Committee, as highlighted by U.S. Congressman Tom Emmer on social media platform X, successfully passed several cryptocurrency-related Acts. Congressman Emmer Highlights the committee's remarkable achievements for the year, stating that they've surpassed previous years in moving legislation. Their focus has been on enhancing capital markets, encouraging innovation, and ensuring accountability for regulatory actions.
The committee's notable progress in advancing laws related to cryptocurrencies signifies a proactive approach to navigating and regulating the evolving landscape of digital assets, making it more accessible and accountable for everyone involved.
Emmer pointed out that the committee approved several bills about crypto rules this year.
Blockchain Regulatory Certainty Act: The purpose of this act is to simplify and make clearer the regulations related to the transmission of money, particularly addressing a significant obstacle in the digital as set space. These crypto regulations can be complex and act as a barrier for businesses and individuals operating in the digital asset or cryptocurrency industry.
The Securities Clarity Act: Introduced by Congressman Emmer, played a crucial role in shaping the Financial Innovation and Technology (FIT) for the 21st Century Act. This larger legislation is important because it establishes the basic principles for understanding tokens in the digital world.
CBDC Anti-Surveillance State Act: Congressman Emmer introduced the CBDC Anti-Surveillance State Act to stop central bank digital currencies (CBDCs) from being used as tools for government surveillance. This act was successfully moved out of the committee in September.
Congressman Emmer highlights the need to make sure that regulatory bodies, like the Securities and Exchange Commission (SEC), are held responsible for their actions. He raised concerns about what he called the SEC's aggressive approach in enforcing crypto regulations. By stating Without opposition, in November the House passed my appropriations amendment barring the SEC from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.
Congressman Emmer expressed optimism for the future, stating that these achievements are just the beginning. He looks forward to advancing these measures through the House in the second half of the 118th Congress in 2024.
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