The U.S. House of Representatives is about to vote in what would bring the crypto industry the closest it has ever been to finally winning regulation in the U.S., and crypto industry associations and top companies are encourage House leaders To support our efforts.
A coalition of digital asset organizations and companies, including Coinbase, Kraken, Andreessen Horowitz, Digital Currency Group, and about 50 others, through the Crypto Council for Innovation, sent a letter to House Speaker Mike Johnson (R-Louisiana), stating that a number of Faction leader Hakeem Jeffries (DN.Y.) advocates for the bill to be passed. The Financial Innovation and Technology for the 21st Century Act (FIT21) will be cleared for floor consideration next week, with observers expecting a vote midweek.
The bill positions the Commodity Futures Trading Commission (CFTC) as the primary regulator of digital assets, and clearly separates what the CFTC handles from what falls under the jurisdiction of the Securities and Exchange Commission (SEC). It would establish consumer protections and provide further guardrails against risky behavior, including rules for the custody of customers' assets and their treatment in bankruptcy.
“Passing this bill will accelerate the growth of blockchain technology and digital assets, promote financial inclusion, and protect national security,” the letter said. “It is critical that the United States maintain its leadership in financial innovation.”
The crypto industry is currently at its peak in Washington, with oversight in both the House and Senate. Pass resolutions easily This would have overturned the SEC's crypto accounting policies, but President Joe Biden has vowed to veto the effort. The move to erase the SEC's Staff Accounting Bulletin 121 (SAB 121) represents a clear fight in the industry's favor, drawing more support from Democrats who have been reluctant to support cryptocurrencies than from Republicans.
More than one in five Senate Democrats, including Majority Leader Chuck Schumer of New York, voted for industry in the accounting dispute, while about one in 10 Democrats in the House voted for the industry. Ta.
But the comprehensive bill now coming up for a vote in the House is much larger, and leading Senate Democrats so far appear unprepared to match the House effort. So far, the Senate has only signaled a potential willingness to package a separate cryptocurrency bill regulating stablecoin issuers with other financial legislation.
“The bill is being introduced,” said Rep. Patrick McHenry, RN.C., chairman of the House Financial Services Committee, where the bill was introduced. Democratic Party support level for FIT21 Passage in the House could be a big factor in whether the Senate takes action. When the bill passed his committee, a handful of Democrats joined it, despite opposition from his ranking member, Rep. Maxine Waters (D-Calif.).
The FIT21 initiative is on its way to the floor. Correction range The House Rules Committee called for the May 16 deadline to be met.
