The House Financial Services Committee is espousing the benefits of advancing seven pieces of legislation addressing a myriad of issues.
The Clarity for Payment Stablecoins Act of 2023 (H.R. 4766) offered by House Financial Services Committee Chairman Patrick McHenry (R-NC), provides a clear regulatory framework for the issuance of payment stablecoins.
“This is a strong product that includes both Republican and Democratic feedback,” McHenry said. “I have confidence that it accomplishes our shared goal—to provide a clear regulatory framework for the issuance of payment stablecoins—and believe it deserves bipartisan support.”
The Keep Your Coins Act of 2023 (H.R. 4841), introduced by U.S. Rep. Warren Davidson (R-OH), addresses one of the key risks identified by the FTX failure by ensuring that consumers are allowed to maintain custody of their digital assets in self-hosted wallets.
The bill enables consumers to avoid the risks associated with centralized, third-party custody, according to the Committee.
According to the Committee, the Guiding Uniform and Responsible Disclosure Requirements and Information Limits (GUARDRAIL) Act of 2023, introduced by U.S. Rep. Bill Huizenga (R-MI), delivers changes to Securities and Exchange Commission (SEC) disclosure regulations by ensuring companies are only required to disclose material information and requiring the SEC to publicly list and explain any non-material disclosure demands.
The measure also establishes a Public Company Advisory Committee within the SEC to enhance investor protection and market fairness while mandating an SEC study assessing the potential impact of the Corporate Sustainability Due Diligence Directive (CSDD) and Corporate Sustainability Reporting Directive (CSRD).