Crypto Bills Greenlighted by House Financial Services Committee in 2023

U.S. Congressman Tom Emmer Highlights Achievement

U.S. Congressman Tom Emmer (R-MN) took to social media platform X to summarize the House Financial Services Committee’s achievements in 2023. Emmer emphasized that the committee had moved more legislation in 2023 to boost capital markets, welcome innovation, and hold unchecked regulators accountable compared to previous years.

Crypto Legislation Highlighted by Emmer

Emmer highlighted various bills related to crypto legislation that were greenlighted by the committee during the year. In July, the committee passed the Blockchain Regulatory Certainty Act to streamline money transmission regulation, which had been a significant barrier to entry in the digital asset space.

Emmer also noted that his Securities Clarity Act played a role in the Financial Innovation and Technology (FIT) for the 21st Century Act, which passed out of Committee in July. This legislation aimed to clarify that a token isn’t automatically a securities contract, laying the foundation for the Ripple decision.

Additionally, the CBDC Anti-Surveillance State Act, another of Emmer’s bills, passed out of the committee in September. According to Emmer, this legislation was a historic step in defense against the ever-expanding government surveillance apparatus. The bill received cosponsorship from 75 members of Congress and aimed to prevent the central bank digital currency (CBDC) from becoming a surveillance tool that could be weaponized.

Appropriations Amendment Against the SEC’s Crypto Enforcement

In November, the House passed Emmer’s appropriations amendment barring the U.S. Securities and Exchange Commission (SEC) from using taxpayer dollars on its enforcement actions in the crypto industry until Congress passes legislation giving the SEC jurisdiction over this industry. Emmer expressed strong criticism of SEC Chairman Gary Gensler, stating that Congress would hold unelected bureaucrats accountable.

Looking Ahead to 2024

Concluding his remarks, Emmer expressed that the approved legislation was just the beginning, and he looked forward to moving these measures through the House in 2024, during the second half of the 118th Congress.

Do you have any thoughts about the crypto bills approved by the House Financial Services Committee? Feel free to share your opinions in the comments section below.