Although the regulations regarding cryptocurrency and blockchain technology still have a long way until real regulatory clarity, this week, a clever bill passed through the House of Representatives with promising potential and is now on its way to the Senate.
Both the Digital Taxonomy Act and Blockchain Innovation Act were combined into a third bill, the Consumer Safety Technology Act (H.R. 8128). Introduced by Representative Darren Soto, the bill was approved and passed by the House of Representatives this week. This bill ushered in a pilot program to utilize Artificial Intelligence for consumer product safety, Blockchain Technology Innovation and its use for consumer protection, as well as Digital Token Taxonomy - putting a classification in place to help identify digital assets and their promising future.
The act most notably highlights the value of digital assets and blockchain technology for American innovation. By establishing specific efforts to combat deceptive practices of this technology, it also ensures that those powering and operating the blockchain have legitimate regulatory standards and government support to fuel their growth.
Also mentioned in the bill is the importance of the United States continuing to remain a leader in innovation, to know the actual value and efficiency this revolutionary technology provides, and to allow the Federal Trade Commission to act against unfair and unlawful practices in the token market.
“Blockchain technology has an incredible amount of potential for innovation and economic growth,” said Congressman Soto. “I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud and enable its appropriate use for government, business and consumers. The study mandated by the Blockchain Innovation Act is a starting point meant to give government agencies a chance to make recommendations before any bills pass with a regulatory effect. These recommendations will perform an educational function to Members of Congress and will pave the way for more actionable blockchain-focused legislation.”
One thing remains certain, with more regulatory clarity and government support, the more promise the blockchain has as a part of America’s much needed economic revolution. As a licensed and regulated crypto broker, these regulations are and continue to be a positive for Voyager, reassuring new crypto investors that this is here to stay.
Top Market Movers
- OmiseGo (OMG) +24%
- Zcash (ZEC) +16%
- Cosmos (ATOM) +10%
- Maker (MKR) +8%
Over 50 Assets Now Available on the Voyager App
As of this week, there are 50+ assets available for buying and trading on the Voyager app!
Decentraland (MANA) was our 50th asset to be added to Voyager. Also listed this week was Serum (SRM), our 11th DeFi asset to the app. With these additions, we are officially offering the most digital assets of any agency broker in the U.S., a huge accomplishment for us!
October Interest Rates
October interest rates are here! Hold any of the above coins in your Voyager portfolio to automatically earn interest at the end of the month. Minimum balances apply.
Plus, this month we are offering a 1% interest booster! When you hold 10,000 VGX in your portfolio, you can earn up to 9.5% on USDC, 6.5% on BTC, & 5% on ETH.
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