Congress Gets Serious About Crypto: Will They Finally Understand It? 🤔💰

Ah, Congress! The place where laws are made, and confusion reigns supreme. In a move that can only be described as “mildly interesting,” they’ve decided to poke at the crypto beast once more. A shiny new version of the CLARITY Act has been unveiled, setting the stage for a markup session that promises to be as thrilling as watching paint dry.

Now, this latest draft, affectionately dubbed the Amendment in the Nature of a Substitute (ANS)—because who doesn’t love a good acronym?—has been released into the wild. It’s packed with updates and changes that are sure to make your head spin faster than a Bitcoin price chart. Our intrepid FOX Business reporter, Eleanor Terrett, took to the digital ether (known as X) to share that this version is the foundation for Tuesday’s oh-so-important markup session in the House Financial Services Committee. Buckle up, folks!

House Committees Set to Merge Crypto Regulation Bills

In a plot twist that could rival any soap opera, Eleanor also clarified that this version is the freshest batch from the House Financial Services Committee. Meanwhile, the House Agriculture Committee is cooking up its own version, which will be marked up separately. It’s like a legislative bake-off, but with fewer cookies and more confusion. Both committees will review their versions on Tuesday, and then—drumroll, please—they’ll merge them into one final bill. Because why have one version when you can have two, then one? 🤷‍♂️

Franc Corva, in a moment of clarity amidst the chaos, shared on X that this update brings good news for crypto developers and wallet providers. Apparently, developers who don’t control the blockchain won’t be treated like money transmitters. And for those into DeFi activities and software that help users keep their own private keys? Well, they’re off the regulatory hook! 🎉

But wait, there’s more! The Bank Secrecy Act rules will only apply to centralized intermediaries, leaving decentralized projects to frolic freely in the fields of innovation. It’s like giving a kid a candy store, but only if they promise not to eat the candy. 🍭

The update also sprinkles in new banking rules in Section 312(b)-(c) about using digital assets and blockchain. National banks can now use digital assets and blockchain to offer any legal services, provided they follow the existing rules. Insured state banks and their subsidiaries get to join the party too. 🎊

At its core, this bill aims to clarify how U.S. laws apply to cryptocurrencies like Bitcoin, Ethereum, and stablecoins. It’s like a map for lost travelers in the land of digital assets, explaining which agency—SEC or CFTC—gets to wear the regulatory crown for different types of digital assets.

This update is a step toward clearer crypto rules, providing clarity on the classification of digital assets, the role of regulatory bodies, and what rules companies must follow. It’s all about building a safer, more predictable space for innovation and growth. Or at least, that’s the plan. 🤞

Trump’s Bitcoin Reserve Plan Moves to Congress

In a twist that could only happen in the U.S., Rep. Tim Burchett has introduced a new bill, H.R. 3798, to officially turn Trump’s grand plan for a strategic Bitcoin reserve into law. If this passes, the U.S. government might just start hoarding Bitcoin like it’s the last slice of pizza at a party. 🍕

The bill is currently under the watchful eye of the House Financial Services Committee. Supporters believe it could boost the economy and push crypto adoption forward, while critics are left wringing their hands over Bitcoin’s notorious volatility. Because who doesn’t love a good rollercoaster ride? 🎢

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2025-06-09 07:38