House Financial Services Committee Advances Historic Digital Asset Legislation

The House Financial Services Committee advanced a set of digital asset regulation bills after a landmark markup on Wednesday July 26, 2023.

From CoinDesk: “ [They] voted in favor of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act and H.R. 1747, the Blockchain Regulatory Certainty Act after a day-long markup session, referring both bills to the full House of Representatives for a vote.”

“The committee’s chair, Rep. Patrick McHenry (R-N.C.), praised the legislation during his opening comments, noting it was the first time a committee was marking up crypto-specific legislation and affirming that legislation is necessary to prevent the U.S. from “falling behind” other countries in regulating crypto. ‘Our comprehensive digital asset market structure legislation recognizes a key issue: digital assets that are not inherently securities may be offered as part of an investment contract but that does not make them securities,’ he said during his comments.” 

The Blockchain Association published a statement of praise for the legislative efforts:  “Today, the House Financial Services Committee and House Committee on Agriculture delivered on its promise to move forward smart, effective, bipartisan regulation for the American digital asset ecosystem.

Thank you to Chairman Patrick McHenry and Chairman Glenn Thompson for their leadership.

Statement from Blockchain Association CEO Kristin Smith on today's historic votes:

‘Today is a landmark moment for our industry. Thank you to Chairman McHenry and Chairman Thompson for their leadership on this critical issue and willingness to work with, and accept feedback from, industry and our members. While not yet perfect, we applaud this historic bill and look forward to our continued work with both committees to ensure the United States remains the world-leader in digital asset innovation.’”

Read the full response from the Blockchain Association here.