A bill promising clearer regulations for digital assets is one step closer to a vote in the U.S. House of Representatives.
of House Rules Committee Friday (May 10th) Financial Innovation and Technology for the 21st Century (FIT21) Act (HR 4763), meaning the bill could come to the floor for a vote in late May. House Financial Services Committee said on friday press release.
“With the House vote announced today, Congress takes a historic step in providing a clear regulatory framework for digital asset markets.” Patrick McHenrysaid the chairman of the House Financial Services Committee in a statement. “This bill will strengthen America’s leadership in the global financial system and strengthen our role as an international hub for innovation for decades to come.”
FIT21, introduced on July 20, established federal requirements for digital assets. Commodity Futures Trading Commission (CFTC) has new jurisdiction over digital products, securities and exchange commission(SEC) jurisdiction over digital assets offered as part of an investment agreement, according to the release.
The bill also establishes a process to allow secondary market trading of digital products initially offered as part of an investment contract and imposes requirements on entities that need to register with the CFTC or SEC, according to the release. It is imposed.
Member of Parliament french hillOne of the lawmakers who introduced the bill said in a press release Friday: A bill is about to be introduced in the House of Representatives. ”
of cryptocurrency industry PYMNTS reported in July, when the bill was introduced, that it had been asking the Washington government for regulatory clarity for years, and the bill could move the industry toward that goal.
FIT21 is cryptocurrency is a commodity or security, and appropriately allocates oversight between the CFTC and the SEC.
“As the collapse of FTX demonstrated, ensuring the rapidly growing digital asset ecosystem is safe for investors and consumers while securing the United States as a leader in blockchain innovation requires strong consumer spending. We need protections for people and a functional regulatory framework,” Hill said in a press release Friday. .
