US House of Representatives introduces new bill to regulate cryptocurrency market

The United States keeps working on the cryptocurrency market regulation. Based on the Financial Innovation and Technology for the 21st Century Act (FIT21) approved by the House of Representatives during the last session, a new document has been introduced. Like its previous version, it is predominantly focused on establishing clear boundaries between the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

According to French Hill, chairman of the financial-services panel, the latest version of the bill should clarify the split of responsibilities between the two market regulators. Government control over digital assets will provide both developers and users with the necessary protection. From the point of view of Glenn Thompson, chairman of the agricultural committee, this initiative will also contribute to the improvement of cryptotechnologies.

In addition, the United States is working on a bill to regulate stablecoins. It has already been considered by the House of Representatives and is awaiting review by other agencies, CoinDesk reported.

Web-portal experts believe that state regulation of the crypto market will favorably affect the value of key digital assets, primarily bitcoin.