According to Cointelegraph, Patrick McHenry, Chairman of the House Financial Services Committee (FSC), announced several pieces of legislation, three of which are aimed at providing regulatory clarity for the digital asset ecosystem (cryptocurrency, blockchain development, and stablecoin payments). The Financial Services Committee will meet on July 26 to review bills such as H.R. 4763, the 21st Century Financial Innovation and Technology Act, H.R. 4766, the Payment Stablecoin Clarity Act of 2023, and H.R. 1747, the Blockchain Regulatory Certainty Act. Among them, the transparency markup for stablecoin payments was introduced by McHenry, with the aim of bringing regulatory clarity to the issuance of stablecoins, which are designed to be used as a means of payment.

He added: “Not only would this legislation prevent the incident that occurred with FTX stealing billions of customer funds, it would also establish strong consumer protections and clear rules of the road for market participants.