Crypto Regulation Overhaul Plans Gaining Traction At Republican House
The crypto currency industry is getting a much-needed regulatory makeover. The US House of Representatives – specifically the Republican Caucus – is having discussions on the most appropriate way to introduce reform.
What’s on the Table?
This sweeping regulation would adjust existing laws and provide guidance for the crypto industry as it navigates the legal grey areas.
So what does this legislation have in store?
Here’s a quick summary:
- Create a structure for crypto-specific regulations.
- Clarify SEC and CFTC regulations for digital asset founders and creators.
- Elimination of double taxation when using crypto.
- Encouraging innovation and investment in the US crypto industry.
- Aligning money service businesses with US regulatory obligations.
- Creating consumer protection licensing requirements.
A Bump in the Road
It has been reported that the biggest hurdle to the House’s plans is the government shutdown, which is currently in its 33rd day.
How can these plans advance if the House can’t find a way to agree on how to fund the government?
Let’s just say they’ll need to get creative.
And the Winner Is …
Fortunately, the industry appears to be moving in a favorable direction, regardless of the shutdown. Both Republicans and Democrats seem optimistic that a regulation overhaul is on the horizon.
It may not be perfect, but it should represent a big win for crypto enthusiasts.
And who knows? We may even see the occasional meme or two as the regulations are being drafted up. Don’t say we didn’t warn you!
