Crypto Bills Approved by House Committee in 2023
December 28, 2023 | by stockcoin.net
U.S. Congressman Tom Emmer has garnered attention for highlighting the approval of various crypto bills by the House Committee on Financial Services in 2023. His appropriations amendment, specifically, prohibits the U.S. Securities and Exchange Commission (SEC) from utilizing taxpayer funds for its perceived overreach in crypto enforcement until Congress passes legislation granting the SEC jurisdiction over the industry. Congressman Emmer’s efforts have not only yielded positive results but also shed light on the committee’s dedication to promoting capital markets and fostering innovative approaches while ensuring accountability for regulators. In particular, bills such as the Blockchain Regulatory Certainty Act and the CBDC Anti-Surveillance State Act have found success, paving the way for a more inclusive and secure digital asset space. With promising advancements in 2023, Congressman Emmer anticipates further progress in the upcoming year.
Crypto Bills Greenlighted by House Financial Services Committee in 2023
U.S. Congressman Tom Emmer (R-MN) summarized the House Financial Services Committee’s achievements in 2023 on social media platform X last week. He emphasized that the committee “has moved more legislation in 2023 to boost our capital markets, welcome innovation, and hold unchecked regulators accountable than in previous years.”
The lawmaker proceeded to highlight various bills related to crypto legislation that were greenlighted by the committee during the year. “In July, we passed the Blockchain Regulatory Certainty Act out of Committee to streamline one of the largest barriers to entry in the digital asset space: money transmission regulation,” the congressman described.
Moreover, he noted that “key language” from his Securities Clarity Act was included in the Financial Innovation and Technology (FIT) for the 21st Century Act, which passed out of Committee in July, emphasizing:
“This legislation lays the foundation for the Ripple decision, clarifying that a token isn’t automatically a securities contract.”
“My bipartisan bill, the Securities Clarity Act, carves this concept in stone to provide the regulatory confidence needed to make sure the next iteration of the internet is designed with American values,” the lawmaker added.
In addition, his CBDC Anti-Surveillance State Act passed out of the committee in September. Rep. Emmer opined:
“This is a historic step in defense against the ever-expanding government surveillance apparatus. The bill is cosponsored by 75 members of Congress.”
“If not open, permissionless, and private – like cash – a CBDC [central bank digital currency] is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life,” he previously explained. “We’re not going to let that happen – not on House Republicans’ watch.”
Moreover, Congressman Emmer shared: “Without opposition, in November the House passed my appropriations amendment barring the SEC from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.” The lawmaker opined:
“Gary Gensler is as ineffective as he is incompetent … Congress will hold unelected bureaucrats accountable.”
The congressman concluded: “This is just the beginning. In 2024, the second half of the 118th Congress, I look forward to moving these measures through the House.”
U.S. Congressman Tom Emmer Highlights Achievements of House Financial Services Committee
U.S. Congressman Tom Emmer has highlighted various crypto bills that passed out of the House Committee on Financial Services this year. Among them is his appropriations amendment barring the U.S. Securities and Exchange Commission (SEC) “from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.”
Congressman Emmer emphasized the importance of the House Financial Services Committee’s achievements in 2023. He stated that the committee has worked diligently to boost capital markets, foster innovation, and hold regulators accountable. The progress made in passing crypto-related legislation is a testament to the committee’s commitment to addressing the needs of the industry.
The Blockchain Regulatory Certainty Act Passes Committee
One of the key bills greenlighted by the House Financial Services Committee is the Blockchain Regulatory Certainty Act. This legislation aims to streamline money transmission regulation in the digital asset space, which has been a significant barrier to entry for many industry participants. By providing a clearer regulatory framework, this act seeks to promote innovation and growth in the blockchain sector.
The passage of the Blockchain Regulatory Certainty Act represents a milestone in the development of crypto regulation. It acknowledges the unique challenges faced by the industry and seeks to create an environment of regulatory certainty. By removing unnecessary hurdles, this act paves the way for continued innovation and investment in the blockchain space.
Inclusion of Securities Clarity Act in Financial Innovation and Technology (FIT) for the 21st Century Act
Another notable achievement of the House Financial Services Committee is the inclusion of key language from Congressman Emmer’s Securities Clarity Act in the Financial Innovation and Technology (FIT) for the 21st Century Act. This inclusion is significant as it clarifies the status of tokens and addresses the issue of whether they should be considered securities contracts.
By providing this clarity, the Securities Clarity Act ensures that regulatory uncertainty does not stifle innovation in the crypto industry. It establishes a strong foundation for future developments and encourages the responsible use of blockchain technology. This inclusion in the FIT Act demonstrates the committee’s commitment to supporting the growth of the digital asset space.
CBDC Anti-Surveillance State Act Passes Committee
The committee’s approval of the CBDC Anti-Surveillance State Act is a significant step in safeguarding privacy and protecting individual rights. This act aims to prevent central bank digital currencies (CBDCs) from becoming tools of government surveillance. By emphasizing the importance of open, permissionless, and private transactions, the act ensures that CBDCs do not infringe upon the fundamental principles of freedom and autonomy.
Congressman Emmer has been a strong advocate for the CBDC Anti-Surveillance State Act, recognizing the potential dangers of a surveillance state. The passage of this act showcases the committee’s dedication to defending individual liberties and upholding the American way of life.
House Passes Appropriations Amendment Limiting SEC’s Crypto Enforcement Authority
In a noteworthy move, the House passed Congressman Emmer’s appropriations amendment that restricts the U.S. Securities and Exchange Commission (SEC) from using taxpayer funds for crypto enforcement activities. This action reflects concerns regarding the SEC’s aggressive approach towards the crypto industry and aims to ensure that the commission does not overstep its boundaries.
Congressman Emmer’s amendment emphasizes the importance of congressional oversight and accountability. It highlights the need for clear legislation that grants the SEC appropriate authority over the crypto industry. By passing this amendment, the House has taken a significant step towards reining in regulatory overreach and fostering a balanced regulatory environment.
U.S. Congressman Emmer’s Opinions on the Approved Bills
Congressman Emmer has expressed his satisfaction with the approval of these crypto bills by the House Financial Services Committee. He believes that these legislative achievements demonstrate the committee’s commitment to promoting innovation, protecting individual rights, and holding regulators accountable.
Regarding his appropriations amendment, Congressman Emmer has been vocal about his concerns regarding the SEC’s enforcement actions. He believes that the commission should not have unchecked authority and that any enforcement measures should be based on clear and comprehensive legislation. His amendment serves as a temporary safeguard while awaiting the passage of appropriate legislation.
Congressman Emmer’s strong stance on protecting individual liberties and fostering a favorable regulatory environment for the crypto industry is evident in his support for the CBDC Anti-Surveillance State Act. He firmly believes that CBDCs should not be used as tools of government surveillance and advocates for the principles of open, permissionless, and private transactions.
Expectations for the Second Half of the 118th Congress in 2024
Looking ahead to the second half of the 118th Congress in 2024, Congressman Emmer is optimistic about further progress in the realm of crypto legislation. He believes that the groundwork laid in 2023 will set the stage for more comprehensive measures to be passed in the House.
As Congress moves forward, Congressman Emmer expects continued efforts to boost capital markets, foster innovation, and provide regulatory clarity for the crypto industry. He remains committed to addressing the concerns of industry participants and ensuring that responsible regulation encourages growth and innovation.
In conclusion, the approval of these crypto bills by the House Financial Services Committee in 2023 marks significant progress in the development of a regulatory framework for the industry. Congressman Emmer’s leadership and advocacy have played a crucial role in advancing these measures. With expectations set for the second half of the 118th Congress in 2024, the future of crypto legislation looks promising.