28 Jul 2023 Anthony Lehrman
“A Historic Week” For Stablecoins As Clarity For Payment Stablecoins Act Passed Towards Senate
Two historic cryptocurrency laws that were previously under discussion have been advanced by the House Financial Services Committee. One of the proposals aims to improve the regulation of stablecoin issuers, and the other is viewed favorably for crypto self-custody in the United States.
The Keep Your Coins Act and the Clarity for Payment Stablecoins Act were enacted alongside five other financial-related laws on July 28, according to the committee.
Both measures seek to establish guidelines for the creation of payment stablecoins and guarantee that cryptocurrency users are able to keep custody of their assets in self-custodial wallets.
It's been a "historic week" for cryptocurrency regulation, according to Faryar Shirzad, chief policy officer of Coinbase.
“Yet more congratulations to Patrick McHenry for getting the Clarity for Payment Stablecoins Act across the line with bipartisan support. It’s been a historic week, and a big step forward for consumer protection.” Shizard expanded on Twitter.
The Clarity for Payment Stablecoins Act's talks had previously halted. As a result of disagreements between the White House and the Committee over some elements of the law, the discussion was put on hold, according to Committee chair Patrick McHenry.
The Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act were approved by the committee on July 26.
The legislation outline rules for initiatives like miners and decentralized finance (DeFi) systems, as well as when cryptocurrency enterprises must register with regulators.
The House Agriculture Committee also approved the Financial Innovation and Technology for the 21st Century Act on July 27.Cryptocurrency Regulations cryptocurrency news crypto news Stablecoins Law Regulations Defi Decentralized Finance