House Vote on Crypto Regulation Inches Closer: FIT21 Up for Approval
Landmark progress! The U.S. House of Representatives is poised to vote on a bill that would establish a regulatory framework for cryptocurrency markets. This legislation, known as the Financial Innovation and Technology for the 21st Century Act (FIT21), represents a significant step forward for crypto regulation in the US.
Key Points:
House Vote Scheduled: Representative Patrick McHenry, Chair of the House Financial Services Committee, announced the upcoming vote after the House Rules Committee cleared the way for FIT21.
Bipartisan Support: The bill garnered bipartisan support during its passage through the House Financial Services Committee and the House Agriculture Committee.
Potential First: If passed, FIT21 could become the first major piece of crypto regulation to clear one chamber of Congress.
Senate Hurdle: While a House vote signifies progress, approval from the Senate remains necessary for the bill to become law. The Senate hasn’t yet tackled similar comprehensive crypto legislation. However, there have been recent efforts on stablecoin regulation, offering a glimmer of hope for broader action.
Statements
Rep. McHenry: “With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets.” He believes this legislation will solidify the US as a global leader in financial systems and innovation.
What it Means
This upcoming vote marks a crucial moment for crypto regulation in the US. While the Senate hurdle remains, FIT21’s progress indicates a growing recognition of the need for clear rules in the digital asset space. Stay tuned for updates on the House vote and any potential developments in the Senate.
