Congress Advances Financial Technology Protection Act and STABLE Act for Digital Assets Amid Bipartisan Support

The U.S. Congress is advancing legislation aimed at regulating digital assets, with two key bills making progress this week. The bipartisan Financial Technology Protection Act, introduced by Congressman Zach Nunn, received unanimous approval from the Financial Committee and is set to move to the House floor. This legislation aims to enhance the security of digital assets for American consumers. Additionally, the STABLE Act has also passed the Financial Committee, although it is not yet ready for a floor vote. Congressman Warren Davidson emphasized the importance of protecting self-custody in the legislation to prevent potential government overreach. The House Agriculture GOP is advocating for regulatory clarity in the digital finance sector, promoting innovation, clarifying asset classifications, and safeguarding customer assets. There is a bipartisan consensus on the necessity for sensible crypto regulation, with Senator Kirsten Gillibrand being a prominent advocate in this effort since 2022.