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Cryptocurrency News Articles
US House Passes Landmark Bill to Regulate Crypto Market, Fate Uncertain in Senate
May 23, 2024 at 01:36 pm
The U.S. House of Representatives made history on Wednesday by passing the Financial Innovation and Technology for the 21st Century Act (FIT21) with a vote of 279 to 136.
The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on Wednesday with a vote of 279 to 136. The bill, which is the biggest piece of crypto legislation to be passed in the U.S. to date, was led by Republicans and represents the first comprehensive legislation to regulate the crypto market. Notably, Speaker Nancy Pelosi and 71 other Democrats also voted in support.
Highlighting the bill’s significance, Pelosi described it as laying “a foundation for responsible innovation.” She also stressed the need for further improvements to protect consumers and investors.
Biggest crypto legislation in US so far
71 PRO-CRYPTO DEMS far beyond anything anyone hoped
Huge vote of confidence for crypto in congress
bye by anti-crypto army pic.twitter.com/XkVU4kul3U
The FIT21 bill aims to enhance the role of the Commodity Trading Commission in overseeing the crypto markets, particularly those that include digital assets like Bitcoin. It also introduces measures for facilitating secondary market trading, which includes provisions on stablecoins and anti-money laundering.
While the FIT21 bill has now passed in the House, its future in the Senate is uncertain, with the upper chamber unlikely to take up the bill this year. However, proponents of the bill hope that it will factor into the next agenda of Congress in January.
Bipartisan perspectives
The bill was introduced by House Financial Services Chair Patrick McHenry, who is set to retire in January 2025. McHenry highlighted his wish to advance the bill despite his impending retirement. Notably, McHenry’s push for the bill comes amid growing bipartisan support for regulatory clarity in the crypto industry.
“I’m not going to be here forever. I’m trying to get this done while I’m still here,” said McHenry, who is not seeking reelection in 2024 and plans to retire in January 2025.
Meanwhile, Ron Hammond from the Blockchain Association noted a significant shift in Congress’s take on crypto, which could potentially lead to a relaxing of the current regulatory roadblocks. On the other hand, the White House, which has voiced opposition to FIT21, said it still welcomes working with Congress on a regulatory framework.
“This bill is a massive shift in how Congress views digital assets and marks a potential turning point in the regulatory narrative. We applaud the members of Congress who championed this bill and brought us closer to a clear and tailored regulatory framework for digital assets,” Hammond told Cointelegraph.
“The Biden administration has expressed interest in working with Congress on a legislative framework for digital assets. However, the administration has also voiced its opposition to the Digital Commodities Consumer Protection Act (DCCPA) and is unlikely to support the Financial Innovation and Technology for the 21st Century Act (FIT21) in its current form,” a White House spokesperson told Axios.
“The administration remains open to working with Congress on a legislative framework for digital assets that is tailored to the unique risks and opportunities presented by digital assets and aligns with the administration’s economic agenda.”
However, not all lawmakers are in favor of the bill. Ranking Democrat Maxine Waters criticized the bill, claiming that it inadequately empowers the CFTC and might weaken the agency’s enforcement capabilities. Additionally, SEC Chair Gary Gensler voiced concerns, highlighting how FIT21 could undermine the current regulatory standards and might fail to protect investors from industry malpractices.
“The bill largely ignores the SEC’s jurisdiction over exchanges that trade both digital assets and securities. This omission could create confusion and regulatory gaps,” said Gensler.
“The bill also includes a provision that could potentially undermine the SEC’s ability to return money to investors who have been defrauded. Specifically, the bill would require the CFTC to use a different standard of proof than the SEC when determining whether to return money to investors.”
Also ReadFIT21 Act Passes House: A Milestone for US Digital Asset Regulation
What’s next?
The legislative journey of FIT21 appears somewhat challenging, considering it has no companion bill in the Senate and faces significant opposition from key Senate Democrats. Moreover, investment analysts also predict that the bill is unlikely to become law in the current session of Congress.
However, they add that the bill is crucial in highlighting major regulatory issues, especially as lawmakers like Senators Kirsten Gillibrand and Cynthia Lummis continue to pursue separate efforts for comprehensive crypto regulation. With stablecoins and market structure remaining key topics of discussion, the future of crypto regulation is likely to continue to be debated and negotiated.
“The bill is unlikely to become law in the current session of Congress. However, it could factor into the next agenda of Congress in January, especially as lawmakers like Senators Kirsten Gillibrand and Cynthia Lummis continue to pursue separate efforts for comprehensive crypto regulation,” according to our analysis.
“With stablecoins and market structure remaining key topics of discussion, the future
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