- The US House Financial Services Committee recently voted in favor of pro-crypto bills.
- The Blockchain Regulatory Certain Act could clear the regulatory uncertainty surrounding Cardano.
- Cardano’s fate hinges on the success of the pro-crypto bills.
Cardano continues to navigate through regulatory uncertainty in the US as regulators pressure major exchanges to delist ADA and dump their holdings.
However, that might soon change. The US House Financial Services Committee recently advanced a set of groundbreaking crypto bills following a historic markup session. These bills promise to provide much-needed clarity to Cardano and the broader crypto industry, alleviating their struggles and opening doors for its growth and adoption in the US.
A Landmark Crypto Bill
On Wednesday, July 26, a majority of US lawmakers voted in favor of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, and H.R. 1747, the Blockchain Regulatory Certainty Act, referring both bills to the full House of Representatives for a vote.
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This is the first time a committee marked up crypto-specific legislation, highlighting that these bills are necessary to prevent the U.S. from falling behind other countries in regulating crypto.
GOP Majority Whip Tom Emmer shared his excitement about the markup, claiming it will allow blockchain innovation to flourish:
“This bill specifically deals with what blockchain-related entities qualify as money transmitters. Major discrepancies in the state-by-state framework on this issue have stifled innovation and confused the marketplace on how to comply with money transmission requirements. The Blockchain Regulatory Certainty Act will clear things up by affirming for the Blockchain community that if you don’t have custody of consumer funds, you aren’t a money transmitter.”
Emmer’s statement instilled renewed optimism among crypto enthusiasts, especially ADA holders.
Why These Bills Are Important For Cardano
Although the Blockchain Regulatory Certainty Act is far from being signed into law, it still is a huge leap forward. If approved, it could shake up the crypto landscape by laying the groundwork for regulatory certainty, which the SEC has yet to come around to.
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Once the act is in effect, Cardano and other blockchain projects classified as securities by US regulators can navigate the compliance landscape more effectively and escape this classification.
Notably, Tom Emmer’s statement holds vital implications for Cardano. The Blockchain Regulatory Certainty Act can exempt Cardano from being classified as a money transmitter, considering its lack of custody over consumer funds. The bill can be pivotal in determining digital assets’ regulatory status by clarifying whether they will be treated as securities or commodities.
Ultimately, how these bills unfold could boost investor confidence and attract institutional interest, fostering a more conducive environment for Cardano’s innovation and adoption in the US.
On the Flipside
- In the following weeks, House members will discuss both crypto bills and determine if they will move to the Senate and the President for approval.
- Earlier this year, economic advisors from the White House took aim on behalf of the President, claiming Cryptocurrencies held no fundamental value.
Why This Matters
Cardano’s fate in the US hinges on the success of the Blockchain Regulatory Certainty Act. It could provide the much-needed regulatory certainty for ADA and the broader crypto industry if signed into law.
More on Cardano:
Cardano Valiantly Holds Support, ADA Rebounds to New Range.
More on the US Crypto Bill:
Why U.S. Crypto Bill Approval Is Being Heralded as a Victory.
