The US House of Representatives will vote on the 21st Century Financial Innovation and Technology Act (FIT21) on Wednesday, with bipartisan support expected. Eight Democratic lawmakers, including Wiley Nickel, Yadira Caraveo, Jim Himes, Jasmine Crockett, Ritchie Torres, Darren Soto, Josh Gottheimer and Don Davis, are pushing their colleagues to support the bill as an important opportunity to regulate digital asset markets.
FIT21 aims to establish a clear regulatory framework for digital assets in the US, including consumer protections, disclosure provisions and the use of cryptocurrencies in illicit finance. It is the first comprehensive cryptocurrency legislation to receive a final vote in Congress.
Despite bipartisan support in the House of Representatives, progress in the Senate has been slow. The committees are trying to find common ground to push through legislation before the end of the current Congress. Consumer advocates oppose the bill, arguing that it does not provide sufficient consumer protection. Supporters stress the legislative urgency, arguing that existing regulatory environments have led crypto businesses to leave the United States.
FIT21 had previously passed two House committees, with some support from Democrats. Major Democratic leaders Maxine Waters and David Scott will not organize an opposition vote, despite opposition.
Several U.S. House Democrats have petitioned their colleagues to support a cryptocurrency bill
2024-05-21 22:58:52
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