The crypto industry has reached a new milestone, as this is the first time that lawmakers in the United States have voted in favor of a bill focused exclusively on cryptocurrencies. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
US Congress passes new cryptocurrency laws
📍Two bills focused exclusively on the cryptocurrency industry are approved in the United States. The US Congress has given the green light to two bills that focus on providing regulatory clarity to the growing cryptocurrency industry.
The bills in question, HR4763 “Financial Innovation and Technology Act for the 21st Century” and HR1747 The “Blockchain Regulatory Certainty Act” was passed this Thursday during a House Financial Services Committee hearing.
The proposed bill, HR 4763, defines terms such as blockchain, digital assets, decentralized network, and DAO, among others. It also describes how these technological innovations work and encourages the study of others, such as decentralized finance (DeFi) and NFT tokens.
Through this proposal, US lawmakers seek to establish an enabling regulatory system for cryptocurrency companies and digital assets in the country, under the supervision of the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC), as appropriate, in order to foster innovation in a responsible manner. If approved, this law will establish registration systems for companies and service providers with crypto assets and for digital asset intermediaries, as well as exemptions on certain types of transactions with crypto assets.
On the other hand, the HR 1747 bill seeks to incentivize developers of solutions and applications based on blockchain technology, reducing the requirements and eliminating several of the obstacles that currently exist for them. This latest bill proposal is promoted by Congressman Tom Emmer, who has criticized on several occasions the aggressive actions that the SEC has taken against the crypto industry.
The approval of these bills in the United States represents a new milestone for the crypto industry, since, as several media outlets have highlighted, it is the first time that regulatory proposals focused exclusively on cryptocurrencies have been approved in the country. Both bills will be debated and will go to a full vote in the House of Representatives.
A&G bets on Bitcoin
📍Spanish private bank A&G will start offering Bitcoin to its clients. In a note Published this week, the Madrid-based bank reported that it will launch its first cryptocurrency fund, through which it opens the possibility for professional investors to access the most capitalized cryptocurrency on the market through a non-harmonized fund under Spanish law.
A&G acknowledged that the Bitcoin and cryptocurrency market has become increasingly mature and is generating great interest among investors.
As well as reported Last week, three Spanish banking institutions were preparing to offer cryptocurrency-based products to their clients and investors, motivated by the regulatory clarity that the MiCA Law is providing to the crypto industry in Europe.
Grayscale doubts SEC will approve Bitcoin spot ETF
📍Crypto asset manager Grayscale Investments doubts the SEC will approve a Bitcoin spot ETF. Grayscale Investments has cast doubt on the efficacy of surveillance-sharing arrangements, which companies including BlackRock have filed with the SEC in their applications to launch a Bitcoin spot ETF.
According to the firm, if the SEC wanted to, it would have already approved a Bitcoin ETF on the spot market. However, it has not yet done so and, According to Grayscale, the chances of the joint surveillance agreement changing the SEC's mind regarding this investment product are not very high. Gary Gensler, the current chairman of the SEC, continues to insist that the risks of manipulation in the Bitcoin market could significantly affect investors.
On the other hand, Joseph Hall, a lawyer for Grayscale, commented that if the SEC were to approve any of the Bitcoin ETF applications currently under review, such as BlackRock, Fidelity or Ark Invest, among others, then the securities regulator would be granting an unfair, discriminatory and harmful advantage to other players also seeking SEC approval to launch one of these investment products.
Recall that in the middle of last year, Grayscale presented a demand against the SEC after it rejected its application to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF.
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