U.S. lawmakers to hold 'Amarkup' on July 26

U.S. lawmakers to hold 'Amarkup' on July 26

On July 26th, the U.S. lawmakers will convene for a'markup' to discuss two bills related to digital assets and stablecoins.

The House Financial Services Committee and the House Committee on Agriculture will review and alter the financial innovation and technology for the 21st century act next week.

A bill would provide guidance in determining whether a digital asset is a security, certification requirements for exchanges and brokers, and the creation of a joint advisory commission. The new version of the bill was published on July 20.

Lawmakers will also consider a bill introduced by Patrick McHenry, chairman of the Financial Services Committee, in February, outlining regulatory recommendations for stablecoins and stablecoin issuers.

If approved, the bills will go to the House of Representatives.

The meeting is scheduled for less than two weeks after a U.S. court awarded a key ruling in the ongoing dispute between the SEC and Ripple Inc. On 13 July, District Judge Analisa Torres denied the SEC's claims that Ripple distributed nearly $1.4 billion of unregistered securities to investors between 2013 and 2020 in the form of its XRP token.

Miller Whitehouse-Levine, the CEO of web3 advocacy group, DeFi Education Fund, told The Defiant the congressional meeting is the next 'big moment' for U.S. digital asset regulations following last week's ruling in the dispute between the U.S. Securities and Exchange Commission and Ripple.

White House-Levine commended the judge, Analisa Torres, for advancing that the 1946 Howey Test, a framework used to determine whether assets are securities, is not effective for digital assets.

t going to captured crypto tokens writ large, he said.

McHenry said in a statement that the court's decision 'underscores the need for Congress to provide clear rules of the road for the digital asset ecosystem'.

Coinlist's co-founder, Andy Bromberg, said the relationship between digital assets and securities should be treated as a binary assessment. Bromberg, the CEO of Eco App, is currently the head of a consumer fintech product that is based on the Eco payments protocol.

Bill Hughes, consensys' director of global regulatory matters, said the decision poses a challenge to the SEC's regulatory crusade against crypto by distinguishing digital assets from their method of distribution.

It's really important, for the SEC to achieve its policy objectives, for these tokens themselves to be the regulated object, he said.

Orlando Cosme, a lawyer for blockchain firms, said that many of the operations associated with decentralized organizations sit in gray areas of law, such as DAOs paying salaries in the form of native tokens.

I've been talking in a lot of crypto legal circles about how [how] when you really get into the weeds, things get weird, he said.