US Congress reviews bills, aims to establish crypto framework
This week, the principal congressional committee reviews multiple bills as they seek to establish a comprehensive regulatory framework for the crypto industry. The occasion marks a pivotal turning point for federal engagement in digital asset regulation, building upon previous endeavors led by the House Financial Services Committee. Drafting of crypto regulation is partly driven by recent losses suffered by investors due to the abrupt downfall of several companies, including Voyager Digital, Celsius Network, and FTX. This underscores the urgency for legislative intervention. You might also like: US SEC may appeal XRP ruling, Kuwait bans crypto as FTX saga unfolds| Weekly recap Proposed bills aim to create a dichotomy for categorizing a crypto asset as a security or a commodity while also outlining a supervisory mechanism for stablecoins—digital tokens typically anchored to traditional assets like the US dollar. NEWS – The House will begin the markup on 2 digital as...