Cryptocurrencies

Lawmakers on the US House Financial Services Committee announced they are preparing

Lawmakers on the US House of Representatives Financial Services Committee announced they are preparing for a full vote on the Financial Innovation and Technology for the 21st Century Act, also known as FIT21.

In an announcement on May 10, House Financial Services Committee Chairman Patrick McHenry said the full House may be clear to vote on the FIT21 bill “later this month” after it is considered in the House Rules Committee. The bill, which the committee passed in July 2023, seeks to clarify the roles that the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) will play in regulating digital assets.

“After working tirelessly across the country and across the country over the past year to craft a clear, workable regulatory framework for digital assets, I am proud that this historic legislation has reached the House floor,” said Representative French Hill. “As the FTX collapse demonstrated, we need strong consumer protections and an effective regulatory framework to ensure the rapidly growing digital asset ecosystem is safe for investors and consumers while securing America as a leader in blockchain innovation.”

According to Republican lawmakers, the FIT21 bill would give the CFTC additional authority over digital commodities and clarify the role the SEC plays regarding cryptocurrencies. The announcement came after a bipartisan vote in the House of Representatives in favor of a resolution repealing the SEC’s accounting rule on cryptocurrencies that many criticized for imposing restrictions on banks.

Related: The proposed US Blockchain Integrity Act would ban cryptocurrency mixers for two years

It is unclear whether the cryptocurrency bill will receive enough support to pass the House of Representatives. Rep. McHenry said the legislation to be voted on by the full chamber was the result of a “bipartisan effort,” but the bill would still need to pass the Senate and be signed by President Joe Biden to become law.

“Stakeholders have now updated the bill’s language to take stock of the changes made since the bill was flagged by the HFSC, (Republicans) and (Democrats) last July and approved with bipartisan support.” He said Crypto Innovation Council CEO Sheila Warren. “Although FIT21 is not a perfect bill (no bill is perfect!), this is a critical and historic step toward creating a federal regulatory framework for digital assets in the United States.”

It’s an election year in the United States, and many lawmakers continue to push for regulation and oversight of digital assets as a campaign issue. Coinbase’s Stand With Crypto initiative announced the launch of a political action committee to support pro-crypto candidates in 2024. Rep. McHenry said in December that he does not plan to run for re-election.

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