An initiative to modernize financial systems, would be considered by the full chamber for a vote.
The bill would make it more clear how the SEC and CFTC oversee digital asset regulation.
The House of Representatives will vote on a bill this week that would define the responsibilities of financial regulators with regard to digital assets, according to Republican members of the US House Financial Services Committee.
House Republicans said in a X post on May 20 that the FIT21 Act, an initiative to modernize financial systems, would be considered by the full chamber for a vote “this week,” providing the measure an opportunity to become law. The bill would make it more clear how the SEC and CFTC, two federal agencies in the United States, oversee digital asset regulation.
Uncertainty Looms
Since the House Financial Services Committee approved the FIT21 bill in July 2023, the measure has hardly moved. The measure might be cleared for a full chamber vote in May, according to Committee Chair Patrick McHenry. The House Committee on Rules is responsible for doing this.
Being one of the few crypto-focused bills to pass Congress this year, the bill has already garnered support from a number of industry supporters and members of the House. A joint resolution was reached in May to repeal an SEC regulation on how banks are supposed to manage digital assets. President Joe Biden is anticipated to either veto or sign this resolution into law.
With the former stating that the United States needs “pro-innovation and pro-consumer guardrails,” the Blockchain Association and the Crypto Council for Innovation have both urged House leadership to support the approval of FIT21. The likelihood of the measure receiving support from the majority of legislators is uncertain.
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