- A crypto regulatory bill was introduced today and is pending review next week.
- The bill seeks to share the regulatory rights between the SEC and CFTC.
- Many crypto fans showed support for the bill, especially XRP supporters.
Following Ripple’s partial victory over the Securities and Exchange Commission (SEC), the US Congress launched a crypto regulation bill aimed at providing clarity for the crypto industry.
Titled Financial Innovation and Technology for the 21st Century Act, the bill seeks to offer a regulatory framework to protect crypto consumers and investors in the US. According to a press release by the House Committee on Agriculture, this would provide clear rules that crypto firms and end users would be able to comply with.
The press release wrote:
“This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants.”
Interestingly, the bill aims to give both the SEC and the Commodity Futures Trading Commission (CFTC) a seat at the regulatory table. It has been known that the SEC is interested in getting the lion’s share in regulating crypto, so it would be interesting how the two regulatory commissions would work together should the bill become law.
The bill saw support from many crypto fans, especially those in the US.
#XRP already has regulatory clarity but this crypto bill helps out even more 😉
— XRPcryptowolf (@XRPcryptowolf) July 20, 2023
The bill will be reviewed by the Financial Services Committee next week, although it would take months — if not years — for it to become a law.
If turned into law, it would help the US become a crypto trendsetter again, especially since 29% of all people who work in the crypto industry reside in the US. This is according to data provided by K33 Research.
