A majority of the United States House of Representatives has voted to approve a law to provide regulatory clarity on digital assets. On May 22, by a vote of 279-136, members of the House of Representatives approved H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. If approved by the Senate and signed into law, this legislation would clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital assets.

However, Rep. Maxine Waters said she plans to oppose the legislation, claiming it would send cryptocurrencies into a "regulatory no man's land." “This legislation would deregulate crypto and certain traditional securities to the extent that I and other experts have raised serious concerns that this legislation could potentially cause a market crash and recession,” Waters said.

The House is still considering H.R., the Federal Reserve Digital Currency (CBDC) Anti-Surveillance Government Act, which would prohibit the Federal Reserve from issuing a digital dollar through intermediaries. It is expected to discuss and vote on 5403. The Democratic Party leadership has stated that it does not support its members voting to pass the anti-CBDC bill or FIT21 bill on May 21, but will not oppose the legislation.

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