With an eye on the case of the recent devaluation of Terra/Luna, the U.S. House Financial Services Committee is preparing to vote on a bill introduced by members Maxine Waters and Patrick McHenry.
In general, according to a Washington Post publication, the proposal provides for the application of federal rules on the issuance of tokens by banks and financial institutions. On the other hand, in the Senate, Americans are proposing other bills to regulate the market.
Earlier in August, the Senate Agriculture Committee (SAC) suggested a bill to empower the Commodity Futures Trading Commission (CFTC), which currently oversees the regulation of commodity derivatives.
In addition to the Committee, Senators Cynthia Lummis and Kirsten Gillibrand also launched the proposed Responsible Financial Innovation Act (RFIA), a bill to provide responsible financial innovation and bring digital assets into the regulatory environment.
According to Bloomberg senior government analyst Nathan Dean, the bill in question has also caught the attention of the Biden administration. Earlier this year, the U.S. Treasury released an executive order with regulatory guidelines for crypto assets.
With the document, federal agencies are directed to take a position on crypto assets, identifying ways to ensure the responsible development of digital assets.