Two Crypto Bills Make a Major Success in US Congress

Last week, the United States moved closer to providing regulatory clarity for the crypto industry. The House Financial Services Committee (FSC) voted 35–15 in favour of the Financial Innovation and Technology for the 21st Century Act, which is designed to determine when crypto firms must register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

The bipartisan Blockchain Regulatory Certainty Act, sponsored by Republican Representative Tom Emmer and Democratic Representative Darren Soto, also passed a vote in the FSC. It aims to make it easier for blockchain developers and service providers, such as miners, multisignature service providers and decentralized finance platforms, to operate.

However, another proposed piece of legislation — The Digital Assets Market Structure Bill — was not supported by several lawmakers. Representative Maxine Waters criticized the bill for being too influenced by the crypto industry and not taking the SEC’s regulatory advice into account.

The U.S. Senate also passed the $886 billion 2024 National Defense Authorization Act. Included in the bill was an amendment proposed by Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand and Roger Marshall, which requires examination standards for crypto and orders the U.S. Treasury Department to carry out a study to crack down on anonymous crypto transactions, such as those facilitated by crypto mixers like Tornado Cash.

New capital rules for crypto holdings in Canada

The Office of the Superintendent of Financial Institutions (OSFI) has put forward changes to its capital and liquidity approach towards crypto assets. The proposed regulations will simplify the way institutions handle the risks associated with digital assets, with four categories of crypto assets and their capital treatment. OSFI has opened public consultations on two draft guidelines until Sept. 20. The first guideline is aimed at federally regulated deposit-taking institutions, such as banks and credit unions, while the second one refers to the regulatory capital treatment of crypto-asset exposure for insurers.

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Russia’s CBDC gets final legal approval

President Vladimir Putin has signed the digital ruble bill into law, thus giving the green light to Russia’s central bank digital currency (CBDC). The digital ruble law is set to come into effect from Aug. 1, 2023, with the exception of Article three, which will be enforced from August 2024. This article includes changes to a number of Russian federal laws, including those related to bankruptcy and inheritance.

The new law authorizes the Russian central bank to launch the first CBDC pilot with real consumers, with the government having previously planned to carry out trials in April in collaboration with 13 local banks.

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Binance seeks dismissal of CFTC lawsuit

Crypto exchange Binance and its CEO Changpeng “CZ” Zhao have asked for the dismissal of a legal action instituted by the CFTC. Attorneys for Binance and CZ argued that the CFTC had gone beyond its regulatory powers and had overstepped its authority. The filing states that the CFTC was attempting to control foreign individuals and corporations that are operating outside the U.S., which contradicts established principles of comity with foreign governments.

In March, the CFTC had brought a lawsuit against Binance, alleging that the company was offering unregistered derivatives products in the U.S., such as crypto trading services, futures and options products. The regulator also accused Binance of not having sufficient supervision, reliable Know Your Customer or Anti-Money Laundering programs, and not registering as a futures commissions merchant, designated contract market or swap execution facility.

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