US House Moves Towards Clearer Stablecoin and Self-Custody Rules

In a stride towards refining cryptocurrency legislation in the United States, the House Financial Services Committee has given the nod to two pivotal crypto bills, each dealing with different but crucial aspects of the crypto industry: stablecoin regulation and self-custody of digital assets.

On July 27th, the Committee confirmed the progression of the Clarity for Payment Stablecoins Act, the Keep Your Coins Act, and five other finance-centered bills.

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The Clarity for Payment Stablecoins Act is directed at streamlining regulations surrounding the issuance of payment stablecoins. On the other hand, the Keep Your Coins Act aims to ensure that crypto users have the right to retain custody of their assets in self-custodial wallets.

Adding to the momentum, on July 26th, the House Financial Services Committee had previously approved the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act.

The bills respectively tackle the issue of defining when crypto firms are obligated to register with regulatory bodies and lay down guidelines for crypto sectors, including miners and decentralized finance (DeFi) platforms.

On top of that, the House Agriculture Committee approved the FIT for the 21st Century Act on July 27th.

The advancement of these bills has created waves in the crypto community, with key industry figures like Coinbase's Chief Policy Officer, Faryar Shirzad, acknowledging it as a "historic week" for crypto regulation.

The advancement of these two new bills to the House floor signifies a significant progression in the US approach towards regulating the burgeoning crypto market. With a primary focus on stablecoin issuers and the rights of crypto users to self-custody, these bills could pave the way for an enhanced and balanced regulatory environment for cryptocurrencies in the United States.