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House to Vote on Crypto Bill for SEC, CFTC Clarity in May

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House to Vote on Crypto Bill for SEC, CFTC Clarity in May

Lawmakers from the House Financial Services Committee in the United States are preparing for a vote on the Financial Innovation and Technology for the 21st Century Act, also known as FIT21. House Financial Services Committee Chair Patrick McHenry announced that the full chamber could be ready for a vote on the FIT21 bill later this month, following consideration by the House Committee on Rules. The bill, which was passed out of committee in July 2023, aims to clarify the regulatory roles of the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in relation to digital assets.

Representative French Hill expressed his pride in the forthcoming legislation, stating the need for strong consumer protections and a functional regulatory framework for the digital asset ecosystem. He emphasized the importance of ensuring the safety of investors and consumers while positioning America as a leader in blockchain innovation, highlighting the collapse of FTX as an example of the necessity for such measures.

Republican lawmakers believe that the FIT21 bill will grant the CFTC additional authority over digital commodities while defining the role of the SEC in regulating cryptocurrencies. The announcement of the vote came after a bipartisan vote in the House in favor of striking down an SEC accounting rule on crypto, which was criticized for imposing restrictions on banks. Whether the FIT21 bill will garner enough support to pass the House remains uncertain. While Representative McHenry mentioned the bipartisan efforts behind the legislation, it still needs to pass the Senate and be signed into law by President Joe Biden.

The CEO of the Crypto Council for Innovation, Sheila Warren, acknowledged that stakeholders now have updated bill language to evaluate the changes made since its markup by the House Financial Services Committee in July. She also noted that while FIT21 is not a perfect bill, it represents a significant step toward establishing a federal regulatory framework for digital assets in the U.S.

The upcoming election year in the United States has prompted many lawmakers to prioritize the regulation and oversight of digital assets as a campaign issue. Coinbase’s Stand With Crypto initiative recently launched a political action committee to support candidates who are pro-crypto in the 2024 elections. Representative McHenry, who had previously stated that he does not plan to run for re-election, has been vocal about his support for crypto-friendly policies.

Lawmakers in the United States are preparing for a floor vote on the FIT21 bill, which aims to establish a regulatory framework for digital assets. The bill clarifies the roles of the CFTC and SEC in regulating digital assets and has bipartisan support. Its passage through the House, Senate, and subsequent signing into law still remain uncertain. The upcoming election year has also intensified the focus on digital asset regulation as a campaign issue.

6 thoughts on “House to Vote on Crypto Bill for SEC, CFTC Clarity in May

  1. Excited to see bipartisan efforts behind this legislation. It’s great to see lawmakers working together for the betterment of the digital asset ecosystem.

  2. This bill is nothing more than a power grab by the CFTC and SEC. They want to control every aspect of the digital asset industry and limit our individual freedoms.

  3. This bill is a step in the wrong direction. Instead of embracing the potential of digital assets, lawmakers want to burden it with regulations and red tape.

  4. The FIT21 bill will help position America as a leader in blockchain innovation. Let’s embrace the future of digital assets! πŸ’ͺπŸš€

  5. It’s disappointing to see lawmakers pushing for unnecessary regulations on the digital asset industry. They should be focusing on fostering innovation, not stifling it.

  6. The upcoming election year has brought digital asset regulation to the forefront. It’s good to see lawmakers prioritizing this issue for the campaign. πŸ’ͺπŸ‡ΊπŸ‡Έ

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