A group of U.S. lawmakers led by French Hill (AR-02), Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, along with Glenn "GT" Thompson (PA-15), Chairman of the House Committee on Agriculture and Dusty Johnson (SD-AL), Chairman of the Subcommittee on Commodity Markets, Digital Assets and Rural Development, have introduced groundbreaking legislation aimed at fostering financial innovation and technology for the 21st century. The proposed bill, H.R. 4763, introduced July 20, is scheduled for markup on July 26 and has garnered additional cosponsorship from Reps. Tom Emmer (MN-06) and Warren Davidson (OH-08).
“This is a pivotal moment for America’s standing as the global leader in innovation and technology adoption. Not only can digital assets revolutionize our financial system, but their underlying blockchain technology holds promise as the building blocks for the next generation of the internet," Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), said in a press release from the Financial Services Committee.
According to bill text, the Financial Innovation and Technology for the 21st Century Act, also known as H.R. 4763, is a proposed legislation with the primary objective of creating a comprehensive market structure framework specifically designed to accommodate the unique features of digital assets. The main goal of this framework is to establish a more transparent and unambiguous regulatory environment for all participants involved in the digital asset market. By doing so, the bill aims to foster innovation and growth while ensuring appropriate oversight and protection for investors and users in this rapidly evolving sector.
Among the several legislations set for markup on July 26, two other bills have stood out for their particular focus on the digital asset space. The first one, H.R. 4766, is titled the "Clarity for Payment Stablecoins Act of 2023." Its primary goal is to address regulatory uncertainties surrounding stablecoins, which are cryptocurrencies pegged to stable assets like fiat currencies. These stablecoins have gained popularity due to their potential use in payments and remittances. The bill aims to provide clear regulations for stablecoins intended for use as a means of payment, ensuring a safer environment for users and investors, according to House documents.
Another significant piece of legislation is H.R. 1747, dubbed the "Blockchain Regulatory Certainty Act." This bill proposes an exemption for blockchain developers from the burdensome requirement of obtaining licenses, given that their activities do not involve dealings with cryptocurrencies. The legislation aims to promote innovation and growth in the blockchain development space while still maintaining appropriate regulatory oversight for cryptocurrency-related activities, according to the bill text.
In light of these groundbreaking initiatives, McHenry emphasized the significance of the moment for America's position as a global leader in innovation and technology adoption.
"As other countries move forward with digital asset regulatory frameworks and Chair Gensler continues his regulation by enforcement, the U.S. is falling behind. Innovators need regulatory clarity and certainty to enable this technology to achieve its full potential," McHenry said in the Financial Services Committee press release.