Crypto innovations waiting for big changes
2022.12.20 03:38
Crypto innovations waiting for big changes
Budrigannews.com – North Carolina Delegate Patrick McHenry, the ongoing positioning individual from the House Monetary Administrations Panel and seat beginning in January, has once again introduced regulation pointed toward making development workplaces inside government organizations managing monetary administrations.
In a Dec. 19 declaration, McHenry said he had once again introduced the Monetary Administrations Development Act, a bill he recently pushed in 2016 and 2019. The purpose of the legislation was to establish offices within existing federal financial institutions that could provide innovators, including those working with cryptocurrency and blockchain, with a pathway toward regulatory clarity in the United States.
McHenry says that businesses could apply to the Securities and Exchange Commission and the Commodity Futures Trading Commission for an “enforceable compliance agreement,” which would give them a legal way forward without regulations that are “out of date or unduly burdensome.” He suggested that North Carolina’s regulatory sandbox program served as a model for the legislation.
McHenry stated, “It’s critical for our regulatory process to work with financial innovation, not against it.” My legislation will assist entrepreneurs and financial institutions in bringing innovative products and services to market more quickly while preserving essential consumer protections. Committee Republicans will continue to work toward an up-to-date regulatory framework that provides fintech firms with clear guidelines for success.
I’m proud to reintroduce my bill to help spur financial innovation and inclusion.
The Financial Services Innovation Act follows the same model as North Carolina’s successful regulatory sandbox program.
Read more https://t.co/g4hpOLzGAi
— Patrick McHenry (@PatrickMcHenry) December 19, 2022
Fintech-focused innovation offices have already been announced by other federal agencies, such as the Office of the Comptroller of the Currency. In 2018, the Strategic Hub for Innovation and Financial Technology, or FinHub, was established by the SEC. In 2020, the center will become its own independent office. The CFTC’s fintech research unit LabCFTC took a comparative action in 2019.
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McHenry will take over as chairman of the House Financial Services Committee in January after Republican lawmakers won majority control of the House of Representatives by a vote of 222 to 213. Under Waters and McHenry, the House committee has made numerous bipartisan efforts to address the potential actions against former CEO Sam Bankman-Fried and the collapse of crypto exchange FTX.
