The House Financial Services Committee passed six bills this week, several of which focus on digital assets.
Among them is the Financial Innovation and Technology for the 21st Century Act (H.R. 4763) sponsored by U.S. Rep. French Hill (R-AR). This legislation would create a comprehensive regulatory framework for the issuance and trading of digital assets at the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). It also provides clarity on which digital assets are regulated by each agency to allow innovators to develop new products with confidence, while also securing key consumer protections.
The committee also passed the Blockchain Regulatory Certainty Act (H.R. 1747), offered by U.S. Rep. Tom Emmer (R-MN). This proposal says that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law.
The Financial Technology Protection Act of 2023 (H.R. 2969), sponsored by U.S. Rep. Zach Nunn (R-IA), also got approved. This bill would establish the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing under the Department of Treasury. Further, it would encourage public-private sector partnership in examining issues surrounding illicit finance in the digital asset ecosystem.
The committee also advanced the No Russian Agriculture Act (H.R. 4768), introduced by U.S. Rep. Maxine Waters (D-CA). This bill would direct the U.S. Executive Directors of the International Financial Institutions to use their voice, vote, and influence to encourage the International Financial Institutions to invest in projects that decrease reliance on Russia for agricultural commodities.
Additionally, the Exposing China’s Support for the Taliban Act (H.R. 4765), sponsored by U.S. Rep. Stephen Lynch (D-MA) was passed. This proposal would require the Treasury to conduct a study and brief Congress on the financial activities of China and Chinese entities in connection with the finances of Afghanistan and the Taliban, including activities that support illicit financial networks.
Finally, the Stop Fentanyl Money Laundering Act of 2023 (H.R. 3244), offered by U.S. Rep. Blaine Luetkemeyer (R-MO) was advanced. This bill seeks to provide authority to the Secretary of the Treasury to take special measures to thwart money laundering in connection with illicit fentanyl and narcotics financing. It also alters suspicious activity reports to make it easier for law enforcement to identify illegal narcotics trafficking.
Most of these bills received bipartisan support on the committee. All six bills now move to the full House of Representatives for consideration.