JAKARTA - The ratification of two draft crypto laws by the United States House Financial Services Committee marks an important moment for the crypto industry. The law aims to provide regulatory clarity to the fast-growing cryptocurrency industry.
The first bill, Financial and Technology Innovation for the 21st Century Law, is aimed at creating a clear regulatory framework for crypto companies. The bill will ensure that crypto companies are listed with Commodity Futures Trading Commission (CFTC) or Securities and Exchange Commission (SEC) and provide a process for companies to state that their projects are decentralized.
This will allow them to register their offerings as commodities with the CFTC. The main goal of this law is to protect consumers and avoid harmful practices such as the alleged collapse of FTX and mismanagement of user funds.
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The second bill, referred to as the Blockchain Regulation Certainty Act, aims to ease obstacles and requirements for blockchain developers and service providers, including DeFi and miners.
The bill will provide clear guidelines for blockchain entities and help determine whether certain entities should be classified as money transmitters in the United States. This will thus send a clear message that entities that are not dealing with customer funds will not be labeled as money transmitters.
The ratification of this bill is a step forward for the United States in building a more peer-to-peerdi digital economy in the future. In addition, this law will provide regulatory clarity and provide opportunities for the crypto industry to develop better under a clear and integrated framework.
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