ChainCatcher news, according to Blockworks, U.S. Congressman Tom Emmer is advancing an amendment regarding how the U.S. Securities and Exchange Commission uses its funds, proposing to prohibit the SEC from using its budget to take enforcement actions against crypto companies until Congress passes legislation granting the SEC jurisdiction over this asset class.

ChainCatcher news, according to Reuters, the U.S. House Financial Services Committee will vote this week on several bills aimed at establishing a regulatory framework for cryptocurrencies, marking a milestone for Congress in codifying federal regulations for the digital asset industry. The legislation the committee plans to consider includes a bill that will define when cryptocurrencies are considered securities or commodities, and another bill that will establish a regulatory regime for stablecoins.This will be the first time cryptocurrency regulatory bills are put to a vote in Congress; however, it remains to be seen whether these bills will gain support from Democrats, as many believe that Democratic backing is crucial for these bills to ultimately become law. These measures may also face obstacles in the Democrat-led Senate, with Senate Banking Committee Chairman Brown stating that it is uncertain whether additional legislation is necessary to regulate cryptocurrencies.

ChainCatcher news, according to Bloomberg, during a hearing on stablecoins held by the House Financial Services Committee on Wednesday local time in the U.S., there were disagreements between Democrats and Republicans. The chairman of the Financial Services Committee, Republican Patrick McHenry, stated that a draft stablecoin bill released this month lays the groundwork for establishing a federal framework, which is the result of negotiations he had with the committee's Democratic leader Maxine Waters. However, Democratic member Waters indicated that the negotiations were never completed, and many events occurred during that time, including the bankruptcy of FTX, so the negotiations should start from scratch. She also mentioned that Republicans have planned to draft their own separate bill.It is reported that after the collapse of TerraUSD, stablecoin regulation has become a hot topic of discussion. However, there are disagreements between the two parties on how to regulate, which may hinder the swift establishment of a legislative agreement. (Bloomberg)

ChainCatcher news, Coinbase co-founder and CEO Brian Armstrong published an article today titled "Regulating Crypto: How We Move Forward as an Industry from Here," outlining a blueprint for cryptocurrency regulatory policy from the perspective of U.S. regulation and advocating for increased clarity in crypto regulation.The article mentions that legislation should start by regulating centralized participants (stablecoin issuers, exchanges, and custodians), as this is where the risk of consumer harm is greatest. Regulation should focus on intermediaries that require additional transparency and disclosure. Furthermore, he suggested that countries enacting laws for cryptocurrency companies should not only enforce these laws domestically but also apply relevant laws to foreign companies serving their citizens. (source link)