As a researcher with a background in financial regulation and digital assets, I am closely following the developments surrounding the Financial Innovation and Technology for the 21st Century Act (FIT21) in the United States. The announcement of a full floor vote in the House later this month is an exciting step forward in establishing a clear regulatory framework for digital assets in the US.
The US House Financial Services Committee’s lawmakers have revealed their intention to bring the Financial Innovation and Technology for the 21st Century Act (FIT21) to a plenary vote in its entirety.
In a statement made on May 10, House Financial Services Committee Chair Patrick McHenry indicated that the House of Representatives could potentially hold a vote on the FIT21 bill “towards the end of this month” following its review by the House Committee on Rules. The legislation, which passed through committee in July 2023, aims to establish clear jurisdictions for both the U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) regarding the regulation of digital assets.
As a researcher closely involved in the drafting process over the past year, I’m thrilled to announce that our legislation for digital assets regulation will be introduced on the House Floor. The collapse of FTX underscores the urgency for robust consumer protections and an effective regulatory framework. My team and I have worked diligently to create a clear, practical framework that ensures the burgeoning digital asset ecosystem remains safe for investors and consumers. By implementing these regulations, we aim to solidify America’s position as a global leader in blockchain innovation.
Republican legislators propose that the FIT21 bill grants the Commodity Futures Trading Commission (CFTC) expanded jurisdiction over digital commodities and sets clearer guidelines regarding the Securities and Exchange Commission’s (SEC) role in cryptocurrencies. This declaration came after a bipartisan House resolution, which aimed to abolish an SEC accounting rule on crypto, received approval. Critics argued that this rule unfairly constrained banks from dealing with digital assets.
The crypto bill’s passage through the House is uncertain, despite bipartisan attempts. Representative McHenry acknowledged that the bill will undergo a complete House vote due to collaborative efforts from both parties. However, it must clear the Senate hurdle and receive President Biden’s approval to become law.
“Stakeholders have received new drafts of the bill to evaluate the modifications made since the House Financial Services Committee (HFSC) and both Republicans and Democrats approved FIT21 with bipartisan support last July. Although FIT21 is not a flawless legislation, this represents a significant and groundbreaking advancement towards creating a federal regulatory structure for digital assets in the United States.”
This year in the US, elections are taking place, and several politicians are advocating for the regulation and supervision of digital assets as a key campaign topic. In response, Coinbase’s “Stand With Crypto” initiative unveiled a political action committee aimed at backing pro-cryptocurrency candidates in the 2024 elections. Representative McHenry has declared that he will not be seeking reelection come December.
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2024-05-10 23:43