'Historic week' as self-custody bills and stablecoins advance to house floor

The bills aim to create a regulatory framework for payment stablecoins and enshrine the rights of crypto users to self - safekeeping of digital assets.

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The House Financial Services Committee has advanced two other landmark crypto bills previously under consideration, one aimed at better regulating stablecoin issuers and the other seen as positive for the crypto industry. crypto self-preservation in the United States.

On July 28, the Committee declared that the Stable Payments Clarity Act and the Keep Your Coins Act were passed along with five other finance-related bills.

Respectively, the bills seek to provide regulations on the issuance of payment stablecoins and ensure that crypto users are allowed to retain custody of their assets in self-custody wallets.

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Coinbase Chief Policy Officer Faryar Shirzad said in response to the bills passing that it was a “historic week” for crypto regulation.

Even more kudos to @PatrickMcHenry for passing the Clarity Act for Stable Payments with bipartisan support. It was a historic week and a big step forward for consumer protection. https://t.co/7bRgAotAD6

— Faryar Shirzad (@faryarshirzad) July 28, 2023

On July 26, the committee passed the Financial Innovation and Technology (FIT) Act for the 21st Century and the Blockchain Regulatory Security Act.

Related: Rep. Patrick McHenry Blams White House for Lack of Urgency in Stable Coins Bill Negotiations

The bills respectively establish when crypto businesses must register with regulators and establish guidelines for projects such as miners and dec...