Incoming House Financial Services Committee chair reintroduces crypto bill
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North Carolina’s Representative Patrick McHenry, an incoming chair of the House Financial Services Committee, has reintroduced a crypto bill. The reinstatement of the Financial Services Innovation Act McHenry, who had pushed the Financial Services Innovation Act in 2016 and 2019, announced on Dec. 19 that the act will be reintroduced. The legislation aims to modernize federal financial institutions and create special divisions to help innovators, including those working with blockchain and cryptocurrencies. According to McHenry, legitimate companies can avoid legal trouble by striking a deal to ensure compliance with agencies like the SEC and CFTC. The measure was motivated by
United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal’s launch of its own stablecoin PYUSD. The Call For A Stablecoin Law According to the statement, McHenry believes stablecoins…
A storm of controversy has erupted after the Securities and Exchange Commission (SEC) approved the first wave of spot bitcoin exchange-traded funds (ETFs), pitting lawmakers against each other in a heated debate over cryptocurrency regulation. Leading the charge against the SEC’s decision is Senator Elizabeth Warren (D-MA), a longtime voice…
The group would be composed of representatives from the U.S. Treasury Department, Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Services (IRS), the Office of Foreign Asset Control (OFAC), the FBI, the Drug Enforcement Agency, the Department of Homeland Security, the Department of Justice, the Department of State and the…