The post Crypto Legislation Could Free Industry of SEC Oversight—But Critics Warn It’s a Pandora’s Box appeared on BitcoinEthereumNews.com.

As crypto-related bills barrel through Congress with the ambitious goal of passage by August, the potential implications of that legislation are only beginning to crystallize.  One such bill, for instance, would seek to amend foundational U.S. securities laws to formally carve out most crypto assets from the definition of “security”—a bold move with little precedent in the history of Congress, at least since such laws were first written at the outset of the New Deal in the 1930s.  The bill, dubbed the Securities Clarity Act, was reintroduced in the House last week by House Majority Whip Tom Emmer (R-MN), a noted crypto proponent. Emmer recently told Decrypt he intends to have the legislation rolled into a crypto market structure bill, known as FIT21—the passage of which has been deemed a top priority by congressional leadership and the White House. A version of FIT21 already passed the House with bipartisan support last year. But Emmer and other top Republicans believe the crypto industry and its allies can now push for an even more advantageous regulatory framework, and want to rework the bill. “The bill that Patrick McHenry put together was a great bill, and I was proud to support it,” Emmer told Decrypt last week, referencing the prior House Financial Services Committee chair. “But let’s face it: there’s a new administration. There’s a new attitude towards the crypto community and digital assets.” Taking the SEC out of crypto One key concession Emmer wants to extract from this opportune moment is eliminating the discretion of federal agencies to determine which crypto assets are securities, and which aren’t. The version of FIT21 passed last year would have seen the SEC and CFTC work together to create a new framework for evaluating the security status of digital assets.  But the Securities Clarity Act would…

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Filed under: News - @ April 4, 2025 7:24 pm