Tact was pervasive in the United States House of Representatives Agricultural Committee’s consideration of the Financial Innovation and Technology for the 21st Century Act on July 27. With many references to bipartisanship and self-congratulatory mentions of the members’ cooperation and hard work, the committee plowed through a series of amendments calmly and quickly.
Ranking member David Scott introduced the Democrats’ concerns, claiming that consumer protections need to be strengthened in the bill. It does not provide for third-party auditing, he said.
In addition, funding for the Commodity Futures Trading Commission (CFTC) was not increased in line with the new authorities the bill would give it, though it was later pointed out that the bill provides the CFTC with the minimum level of funding requested by chair Rostan Behnam.
The bipartisanship took a while to show through as Rep. Alma Adams called the bill “a fast track to investor confusion.” Her amendment to guarantee diversity on the boards of market participants was later voted down.
The provisional registration measures evoked comment from several legislators. Eventually, an amendment proposed by Rep. Yadira Caraveo to require provisionally registered parties to belong to a futures trade association was passed, with the purpose of providing some oversight of them while regulations were being worked out.
Shifting over to @HouseAgGOP as they markup the Financial Innovation and Technology for the 21st Century Act, Chair Thompson noted the following in his opening remarks:
“This legislation marks a significant milestone in the House Committee on Agriculture’s efforts to create a…
Market participants will also be required to have physical addresses under an amendment by Rep. Jasmine Crockett. Disclosure requirements were also strengthened.
The chair, Rep. Glenn Thompson, and ranking member agreed to study decentralized finance further. The bill was successfully passed out of the committee.
The crypto community has vocally supported the bill. Crypto Council for Innovation CEO Sheila Warren praised the committee’s passage of the bill in a statement:
“It’s a significant marker that shows keeping the status quo is not an option. There is too much at risk for consumers, US competitiveness and national security to take a back seat.”
Warren added, “The definition of ‘digital asset trading system’ should be narrowed and the new exclusion category to the definition of ‘digital asset’ included in Section 101 and the restrictions on mixed digital asset transactions further clarified.”
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.