US Defense Budget Bill Includes Regulation of Cryptocurrencies

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The House of Representatives of the US Congress just included a cryptocurrency provision in the defense budget bill. 

Republican Patrick McHenry has proposed to the SEC and CFTC to create a joint working group, which will also include representatives from small businesses, the cryptocurrency industry and fintech. In addition, the group will also consist of industry lobbyists and members of human rights organizations.

If the bill is eventually approved, the working group will be created no later than 90 days from the signing date. It will analyze the regulatory framework, as well as its impact on the primary and secondary markets. The experts will then submit to Congress a report on how the current regulatory regime is affecting US competitiveness.

The defense budget bill typically receives broad bipartisan support and is considered a must-have document.