Representative Tom Emmer says stalled virtual currency bill FIT21 could be passed by Christmas

House Majority Whip Tom Emmer (R-Minn.) is optimistic that support for a cryptocurrency bill has reached a critical mass in the U.S., and that FIT21, the stalled cryptocurrency market structure bill, will I even believe there is a possibility that it will be enacted before the holidays.

“I think that bill, if there is a year-end spending bill, maybe some of that bill will make it into the final deal,” Emmer said. decryption He spoke as part of FIT21 in an interview at the Messari Mainnet Conference in New York on Monday.

FIT21 would establish a federal framework for digital asset regulation jointly overseen by the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). The bill would allow issuers to self-certify assets as digital goods. blown up by both President Joe Biden and SEC Chairman Gary Gensler.

Although it is FIT21 passed The bill was voted on in the House this spring with key support from 71 Democrats, including Nancy Pelosi, but has since stalled in the Senate, where no vote on possible passage has been scheduled. In order to become law as a standalone bill, FIT21 not only needs to pass the Senate but must also be signed by President Biden.

But the process could be significantly streamlined if elements of the bill are attached to the year-end spending bill. With the federal government’s ability to function effectively at stake, President Biden will likely be less inclined to veto the entire government funding package due to some pro-cryptocurrency elements. .

Last week in Congress passed The three-month funding extension is meant to avert a government shutdown, effectively ending on Dec. 20, which would trigger a government shutdown unless another funding agreement is reached. Year-end spending transactions routinely become high-stakes affairs with special carve-outs for special interests. added To get the bill across the finish line and keep the federal government functioning.

Given FIT21's bipartisan popularity, Emmer believes key elements of the bill could become law through such a holiday buzzer agreement. But if that doesn't happen, he thinks the bill is ready to be passed quickly.

“Even if it's not [happen]”I think we'll see some movement next year,” Emmer said.

Additional reporting by Liz Napolitano

Edited by Andrew Hayward