The U.S. House of Representatives approves bills to regulate cryptocurrencies.
The U.S. House of Representatives approved historic bills related to digital currencies on Thursday, achieving the Trump administration's embrace of this controversial sector.
U.S. lawmakers easily approved the 'Clarity' Act, which establishes a clearer regulatory framework for cryptocurrencies and other digital assets.
The bill aims to clarify the rules governing this sector and divides regulatory authority between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill will now be sent to the Senate, where Republicans hold a slim majority.
Lawmakers in the House also easily approved the 'Genius' Act, which legalizes the use of stablecoins, digital currencies linked to secure assets like the dollar. This text is set to be immediately referred to Trump for his signature to become law.
Last month, the Senate approved the 'Genius' Act, which establishes rules such as requiring issuers of currencies to have reserves of assets equal to the value of their existing digital currencies.
This package of legislation comes after years of doubts about the cryptocurrency sector, amid the belief that this sector, which emerged due to the success of 'Bitcoin', should remain under strict supervision and away from major investors.
However, after cryptocurrency investors pumped millions of dollars into his presidential campaign last year, Trump abandoned his doubts and even appointed Paul Atkins, a cryptocurrency advocate, as the head of the U.S. Securities and Exchange Commission.
Trump also established a 'Federal Strategic Reserve for Bitcoin' aimed at monitoring the government's holdings of cryptocurrencies collected by law enforcement through judicial seizures.
