Regulation
US House Greenlight to Consider Cryptocurrency Regulation Bill, Says McHenry – DL News
- The chairman of the Financial Services Committee says the path to the House vote is clear.
- The bill aims to achieve regulatory clarity for digital assets.
- If the bill were to pass the House, the fate of the Senate would be unclear.
McHenry Says US House Will Vote on Cryptocurrency Regulation
According to North Carolina Rep. Patrick McHenry, chairman of the House Financial Services Committee, the House Rules Committee will consider the Financial Innovation and Technology for the 21st Century (FIT21) Act, paving the way for a possible vote in room.
FIT21 is intended to achieve regulatory clarity for digital assets, he said in a Press release.
The bill would establish clear and functional federal requirements on digital asset markets. According to the Financial Services Committee, it would also provide the consumer protections and regulatory clarity needed for the digital asset ecosystem to thrive in the United States.
McHenry said: “For too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that has stifled innovation and left consumers unprotected. … This comprehensive market structure legislation is the culmination of years of bipartisan efforts to finally provide clarity.”
The bill, also approved by the House Agriculture Committee, was presented last July.
McHenry plans to retire at the end of his current term.
The legislation gives the Commodity Futures Trading Commission new jurisdiction over digital commodities and clarifies the Securities and Exchange Commission’s jurisdiction over digital assets offered as part of an investment contract, according to the press release.
If the bill comes to a vote in the House as expected, it would be the first time such cryptocurrency legislation has advanced this far. If FIT21 were to pass the House, its fate in the Senate seems less certain.
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However, the bill represents a real step towards greater regulatory clarity for digital assets in the United States.
Drivers of the cryptocurrency market
- Bitcoin is down 3.30% today at $61,034.83.
- Ethereum is down 4.00% today at $2,922.99.