House Appropriations Committee Asks SEC To Provide Crypto Clarity

A new bill that includes and recommends funding amounts for various government agencies has been approved. The bill for the fiscal year 2023 has been approved by the House Appropriations Committee.

The House Appropriations Committee recommended $2.2 billion to the Securities and Exchange Commission (SEC) for the fiscal year 2023. The committee also made a request to the SEC about the clarity to be made around crypto.

New financial products require clear pathways and regulatory structures for stakeholders, developers, and investors. The Committee is concerned that enforcement action in the absence of regulatory clarity invokes confusion in the growing sector.

The House Appropriations Committee also encouraged the Securities and Exchange Commission to issue guidance to the public to promote US-based innovation. The committee was merely asking the SEC to use the funds wisely to regulate crypto and provide some clarity revolving around cryptocurrencies and its overall stance.

In other news, The Financial Times reports that Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is seeking a deal between the SEC and the Commodity Futures Trading Commission (CFTC). Creating a single set of regulations for everything cryptocurrency-related is done to effectively regulate digital asset markets.

A crypto rule book, according to Gensler, should guide the industry and close regulatory gaps. This is relevant given the ongoing disagreement between the SEC and CFTC on which agency would have regulatory authority over bitcoin trading. While the SEC regards crypto as securities, the CFTC views them as commodities like gold.