The U.S. House of Representatives will vote for the first time today on the FIT21 cryptocurrency market bill

The U.S. House of Representatives will vote for the first time this afternoon on the 21st Century Financial Innovation and Technology Act (FIT21), which aims to reshape the digital asset regulatory landscape. The bill, sponsored by the House Financial Services and Agriculture Committees, is expected to pass with bipartisan majority support. FIT21 gives the Commodity Futures Trading Commission (CFTC) greater authority over the digital asset cash market and creates new jurisdictional boundaries for the Securities and Exchange Commission (SEC).
Patrick McHenry, chairperson of the Financial Services Committee, hopes the legislation will show momentum for digital assets. A handful of Democrats are expected to support the bill along with a majority of Republicans, but the outlook is unclear in the Senate, where the White House has expressed opposition but not threatened a veto.
Supporters such as Jim Himes and Ro Khanna see the bill as an important step. Opponents such as Maxine Waters are concerned that deregulation could lead to market disruption. Groups including the AFL-CIO are asking the House to oppose the bill, concerned about weakening existing securities laws and raising risks. Supporters argue that the legislation provides necessary protections for companies and consumers to keep the U.S. from falling behind in the global technology race. SEC Chairperson Gary Gensler has warned that the bill could allow financial fraud to evade regulation.