Cryptocurrencies | Digital Assets | Crypto
House Bill H.R.4763 Promises Big Changes for the Digital Asset World
Another regulatory shakeup for businesses in crypto?
UPDATE: The U.S. House of Representatives has passed H.R. 4763. The bill was approved by a recorded vote of 279–136 (Roll no. 226). The next step is for Congress to consider the bill.
The bill H.R.4763, known as the Financial Innovation and Technology for the 21st Century Act, was placed on the House Calendar (Calendar №77) yesterday (May 21, 2024) (scheduled for consideration by the House of Representatives).
The bill aims to provide clear boundaries between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) and set up some other rules for crypto.
The bill defines important terms related to digital assets, such as “blockchain” and “digital commodity”. Hopefully, the CFTC and SEC will also work together to create rules that explain these definitions clearly and make the regulations easy to follow.
So, if you’re dealing with crypto, you’ll need to register with either the CFTC or the SEC, depending on what you’re doing. This means you’ll have to give detailed information about how your operation works and who’s running it.
The bill also states that while some digital asset transactions might be exempt from traditional securities laws, they’ll…
