Will Success Come This Time: A New Bill to Regulate Cryptocurrency in the US Has Emerged! It Was Rejected Last Year! Here Are the Details

Republicans in the House of Representatives have released a new legislative proposal aimed at creating a comprehensive regulatory framework for the cryptocurrency asset industry in the United States.

The draft announced by leading Republicans in the House of Representatives' Financial Services and Agriculture Committees builds on previous efforts to clarify cryptocurrency regulation. Representatives French Hill, Bryan Steil, Glenn GT Thompson, and Dusty Johnson are leading this initiative.

Representative Hill stated, "We have made historic progress in reaching a bipartisan, bicameral consensus on creating a functional regulatory framework for digital assets in the 118th Congress" and added: "Our discussion draft builds upon this work and provides the much-needed regulatory clarity for the digital asset ecosystem by protecting consumers and preserving the long-term integrity of digital asset markets in the United States."

The draft was published ahead of the session titled "American Innovation and the Future of Digital Assets: A Plan for the 21st Century," scheduled for Tuesday. Lawmakers claim that the new draft closely reflects the 21st Century Financial Innovation and Technology Act, which passed the House of Representatives last year but failed in the Senate, (FIT21).

FIT21 proposed the allocation of surveillance responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and suggested granting the CFTC more authority over crypto spot markets and digital commodities, especially Bitcoin. The updated draft continues this approach by delineating the boundaries of regulatory authority between the two agencies.

According to a summary document, the new draft provisions for digital commodity exchanges include requirements related to disclosures and registration mechanisms with the CFTC. It also proposes "a pathway for raising funds under the SEC's jurisdiction" and aims to create "a clear process for registering with the CFTC for digital commodity trading."