A suite of crypto legislation passed the House Financial Services Committee this week
The Republican-sponsored package is one of the most concerted efforts to pass federal crypto legislation to date.
On July 27, the House Financial Services Committee advanced seven pieces of legislation concerning critical issues in digital asset regulation. They will now proceed to a full vote in the House.
Among these, the “Clarity for Payment Stablecoins Act of 2023” (H.R. 4766), sponsored by Chairman Patrick McHenry (R-NC), promises to shape the regulatory environment for stablecoin issuers. The legislation seeks to establish regulatory clarity and bolster consumer protection with federal guardrails while simultaneously encouraging innovation.
Rep. Warren Davidson (R-OH) introduced the “Keep Your Coins Act of 2023” (H.R. 4841), which aims to protect consumers’ rights to maintain custody of their digital assets in self-hosted wallets. The bill is a response to the FTX failure and aims to avoid the risks associated with centralized, third-party custody.
The “Guiding Uniform and Responsible Disclosure Requirements and Information Limits (GUARDRAIL) Act of 2023” (H.R. 4790), presented by Rep. Bill Huizenga (R-MI), proposes changes to the SEC disclosure regulations, requiring companies to disclose only material information. It mandates the SEC to clarify any non-material disclosure demands and assesses the potential impact of the Corporate Sustainability Due Diligence Directive (CSDD) and Corporate Sustainability Reporting Directive (CSRD).
Rep. Bryan Steil (R-WI) pushed forward the “Protecting Americans’ Retirement Savings from Politics Act” (H.R. 4767), which targets corporate growth, investor transparency, and decision-making processes, in addition to redefining the SEC’s ability to identify a “major policy issue.”
The “American Financial Institution Regulator Sovereignty and Transparency Act” (H.R. 4823), proposed by Rep. Barry Loudermilk (R-GA), looks to increase transparency and Congressional oversight of federal banking regulators and their interactions with international organizations.
The “Businesses Over Activists Act” (H.R. 4655), offered by Rep. Ralph Norman (R-SC), is designed to clarify the SEC’s power regarding shareholder proposals and reinforce the role of state regulations.
The progress of these bills through the House Financial Services Committee signifies an active effort to reevaluate and reshape regulatory frameworks around digital assets and financial disclosure.