House Financial Services Committee Thumbs Up to Crypto and Blockchain Bills!
The House Financial Services Committee is a committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking and housing industries. The House Financial Services Committee advanced a set of crypto bills after a landmark markup on Wednesday. A majority of lawmakers ultimately voted in favor […]
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by Mike Adams
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The House Financial Services Committee is a committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking and housing industries.
The House Financial Services Committee advanced a set of crypto bills after a landmark markup on Wednesday. A majority of lawmakers ultimately voted in favor of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act and H.R. 1747, the Blockchain Regulatory Certainty Act.
H.R. 4763 is the Financial Innovation and Technology for the 21st Century Act. It provides for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes. On July 20, 2023, Rep. Thompson, Glenn [R-PA-15] introduced the bill.
H.R. 1747 is the Blockchain Regulatory Certainty Act. It provides regulatory certainty for businesses that use blockchain technology. Rep. Davidson, Warren [R-OH-8] introduced the bill on March 14, 2021.
Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. The blockchain ensures the immutability of any stored data, positioning the technology as a genuine disruptor for various industries such as payments, cybersecurity, and healthcare.
A blockchain is a digital ledger or database where encrypted blocks of digital asset data are stored and chained together, forming a chronological single-source-of-truth for the data. Digital assets are distributed; consequently, they are not copied or transferred. Decentralized digital assets enable real-time accessibility, transparency, and governance among multiple parties. Blockchain ledgers are transparent; furthermore, any changes made are documented, preserving integrity and trust. Blockchain ledgers are public and constructed with inherent security measures, making it a prime technology for almost every sector.
For proof-of-work blockchains, this technology consists of three important concepts: blocks, nodes and miners. Every chain consists of multiple blocks and each block has three basic elements: The data in the block. The nonce — “number used only once.” The hash, employed once, consists of a 256-bit number.
Ensuring Security in Blockchain
Blockchain ensures security through cryptography, decentralization, and consensus. Cryptography ensures the security of records on a blockchain. Additionally, network participants possess individual private keys, serving as their personal digital signature. If someone alters a record, its signature will promptly become invalid. Consequently, the peer network will promptly detect any anomalies, signaling that an event has occurred. Blockchain-based systems eliminate the need for direct information exchange. Instead, cryptographic methods, such as hashing functions, facilitate the transfer and authentication of digital data. The security of Blockchain relies on sets of digital blocks that maintain a record of the transactions in question.
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