The provision on cryptocurrencies included in the US defense budget bill

The provision on cryptocurrencies included in the US defense budget bill

The House of Representatives of the US Congress included the provision on cryptocurrencies in the bill on the defense budget. It is assumed that American regulators should clearly distinguish between zones of responsibility in the digital asset market.

Republican Patrick McGenry proposed SEC and CFTC to create a joint working group, which will also include representatives of small businesses, cryptocurrency industry and fintech. In addition, they will be joined by industry lobbyists and participants in human rights organizations.

If the bill is accepted, the working group will be created no later than 90 days from the date of signing. During the year, it should analyze the regulatory framework, as well as its impact on the primary and secondary markets. After that, experts will submit to Congress a report on how the current regulatory regime affects the competitiveness of the United States.

According to Coindesk, the bill on the defense budget usually receives a wide bipartisian support and is considered as a document mandatory to pass.

Earlier this week, a group of public organizations of the United States called on the SEC chairman Gary Gensler to strengthen the fight against cryptocurrencies. According to the authors of the appeal, many projects from this sphere allegedly violate the rules for protecting investors.

In the same month, CFTC clarified the powers in relation to cryptocurrencies. The commission regulates derivatives of financial instruments, which is true for digital assets.

Recall that in September, a member of the US Senate Committee on Internal Security and Relations in the government of Maggie Hassan sent a number of institutions a letter in which she expressed anxiety regarding the use of cryptocurrency as a ransom of ransomware programs.

Later, the media reported on the plans of the Presidential Administration Joe Biden to prepare a number of measures aimed at combating cryptocurrency payments to hackers.

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