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 […]
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. The bill was introduced by Rep. Thompson, Glenn [R-PA-15] on July 20, 2023.
H.R. 1747 is the Blockchain Regulatory Certainty Act. It provides regulatory certainty for businesses that use blockchain technology. The bill was introduced by Rep. Davidson, Warren [R-OH-8] on March 14, 2021.
Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like 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, not copied or transferred. Digital assets are decentralized, allowing for real-time accessibility, transparency and governance amongst more than one party. Blockchain ledgers are transparent — 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 — a 256-bit number that is used once.
Blockchain ensures security through cryptography, decentralization, and consensus. The records on a blockchain are secured through cryptography, and network participants have their own private keys that act as a personal digital signature. If a record is altered, the signature will become invalid and the peer network will know right away that something has happened. Blockchain-based systems do not require direct exchange of information, and digital data can be transferred and authenticated using cryptographic methods such as hashing functions. Blockchain’s security is built upon sets of digital blocks that carry a record of the transactions in question.
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