Summary
This article provides an overview of the progress made on crypto legislation in the past year and what to expect in 2024. Some key developments include the reintroduction of the Responsible Financial Innovation Act by Sens. Lummis and Gillibrand, Rep. Emmer’s attempt to block a retail CBDC, the introduction of the Financial Innovation and Technology for the 21st Century Act by House Republicans, and Sen. Reed’s Crypto Asset National Security Enhancement Act. The House Financial Services Committee also passed the Clarity for Payment Stablecoins Act. Additionally, lawmakers have written letters to US agencies regarding the potential role of crypto in terrorist financing. The Treasury Department has sent a legislative proposal to Congress requesting additional authority to oversee the crypto space. The Senate and House are scheduled to resume in early 2024.
Key Points
1. Sens. Lummis and Gillibrand reintroduced the Responsible Financial Innovation Act, which aims to create a federal regulatory framework for crypto businesses and investors while protecting consumers from bad actors. The bill has undergone changes and is currently awaiting committee support.
2. Rep. Emmer introduced the Central Bank Digital Currency Anti-Surveillance State Act, which seeks to block the Federal Reserve from directly offering a CBDC to individuals and using it for monetary policy. The bill has passed the House Financial Services Committee but has not yet been scheduled for a full House floor vote.
3. House Republicans introduced the Financial Innovation and Technology for the 21st Century Act, which grants joint rulemaking powers to the SEC and CFTC and clarifies the classification of digital assets. The bill has advanced in both the House Agriculture and Financial Services Committees but has not been scheduled for a full floor vote.
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