ChainCatcher news, the Acting Financial Secretary of the Hong Kong SAR, Paul Chan, delivered a keynote speech at the 2024 Caixin Summer Forum today, stating that Hong Kong will continue to vigorously promote financial innovation, focusing on key areas including fintech, green finance, DeFi (decentralized finance), and virtual assets related to Web3 (the third generation of the internet). The SAR government will ensure that financial risks are kept at a controllable level. On the other hand, it will continue to expand the connectivity between Hong Kong and the financial markets of mainland China.

ChainCatcher News, the U.S. House Agriculture Committee has passed the "21st Century Financial Innovation and Technology Act." This act will establish a federal regulatory framework for cryptocurrency in the United States. After several hours of debate and voting on amendments, the House Agriculture Committee passed the bill by a voice vote and submitted it to the full House of Representatives. Lawmakers debated several amendments to the bill, including provisions regarding customer information disclosure and asset management protection.

ChainCatcher News, House Republicans have introduced a new digital asset regulatory bill, the "21st Century Financial Innovation and Technology Act," with sponsors including House Agriculture Committee Chairman Glenn Thompson, Representatives Tom Emmer, and Warren Davidson. This bill is one of several introduced in recent years aimed at establishing comprehensive rules for digital assets, first drafted in early June, and seeks to create a regulatory pathway for cryptocurrency exchanges to register with the U.S. Securities and Exchange Commission (SEC).Representative Dusty Johnson stated, "The crypto industry hopes that our collaborative bill gives both the Commodity Futures Trading Commission (CFTC) and the SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty for digital asset developers as they continue to innovate." On page 10, the revised bill excludes a range of traditional securities from the definition of "digital assets," such as stocks, bonds, transferable shares, and any profit-sharing agreements or participation certificates.

ChainCatcher news, Hong Kong Financial Secretary Paul Chan said today at the 2023 Digital Economy Summit that the emergence of Web3 is triggering a new wave of innovation in financial technology. Five years ago, Hong Kong had about 180 fintech companies, and now there are over 800 related enterprises, including cross-border financial services, blockchain services, etc. Virtual assets, stablecoins, DeFi, NFTs, and more. These technologies will become a major force for financial transformation in the coming years, and this is an irreversible trend.However, at the same time, some important questions have arisen, such as whether there are regulatory loopholes? Will risks be transmitted to the traditional financial system, threatening financial stability? How can we best protect individual investors from fraud and scams? Paul Chan stated that in promoting Web3, virtual assets, and other financial innovations, the Hong Kong government will continue to strike an appropriate balance between regulation and facilitation. The Hong Kong government is committed to creating a favorable environment for the flourishing of fintech companies. (Source link)

ChainCatcher news, Wyoming Republican Senator Cynthia Lummis and New York Democratic Senator Kirsten Gillibrand have jointly initiated the "Responsible Financial Innovation Act," which was first submitted to the Senate last June. Lummis stated on Thursday that the revised version will be submitted to the Senate in mid-April this year. Gillibrand added that the revised version will provide more detailed definitions of tokens.It is reported that the original bill focused on clarifying the roles of different regulatory agencies, strengthening the regulation of stablecoins, and eliminating taxes on cryptocurrency transactions below $200. In the revised version, the industry widely expects the bill to prohibit all algorithmic stablecoins. Additionally, there are still details to be determined regarding who can issue stablecoins and the associated reserve requirements. (Source link)

ChainCatcher news, U.S. Treasury Secretary Yellen expressed skepticism towards cryptocurrencies, stating that there needs to be an open attitude towards financial innovations from the crypto space, while most activities in the cryptocurrency sector are unrelated to financial innovation, and cryptocurrencies require adequate regulation. She hopes to ensure that crypto assets have sufficient customer protection. The turbulence in the cryptocurrency market has not yet affected the banking sector. She expressed surprise at the collapse of FTX.According to relevant statements, U.S. Democratic Senator Sherrod Campbell Brown called for the U.S. Treasury to develop cryptocurrency legislation following the collapse of FTX. (Jin10)