The measure has received unanimous support from the Agriculture Committee of the US House of Representatives, which is good news for the cryptocurrency market.
The House Agriculture Committee on Thursday gave its blessing to a measure that would provide a uniform regulatory framework for cryptocurrencies in the United States.
The bill’s goal is to specify when and how various organisations should regulate the cryptocurrency market, such as when a digital asset might change classification from security to commodity.
The law was enacted with unanimous support from the Agriculture Committee of the House of Representatives, which has authority over commodity and futures markets.
Republican committee chairman Glenn Thompson approved amendments suggested by Democrats to strengthen the plan. Thompson praised the legislation as a watershed moment in the development of a regulatory framework for digital assets that safeguard consumers and investors while advancing the United States’ position as a global leader in finance and technology.
As it will provide much-needed clarity and consistency to the sector and its users, the measure has been called the most significant piece of crypto legislation to make it this far in Congress.
The measure mandates that the SEC and the CFTC develop regulations regarding the classification of digital assets as securities or commodities, as well as the oversight of exchanges, custodians, brokers, and advisers dealing with digital assets.
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