House expected to vote on crypto bill offering SEC, CFTC clarity in May

The Financial Innovation and Technology for the 21st Century Act passed out of committee in July 2023 but could be headed for a full floor vote in the U.S. House of Representatives.

Lawmakers with the United States House Financial Services Committee announced they are preparing for a full floor vote of the Financial Innovation and Technology for the 21st Century Act, also known as FIT21.

In a May 10 announcement, House Financial Services Committee Chair Patrick McHenry said the full chamber could be clear for a vote on the FIT21 bill “later this month” after consideration in the House Committee on Rules. The bill, passed out of committee in July 2023, seeks to clarify the roles the U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) would have in regulating digital assets.

“After tirelessly working across the aisle and across the nation over the past year to craft a clear, pragmatic regulatory framework for digital assets, I am proud that this landmark legislation is coming to the House Floor,” said Representative French Hill. “As the collapse of FTX demonstrated, we need strong consumer protections and a functional regulatory framework to ensure the rapidly growing digital asset ecosystem is safe for investors and consumers while securing America as a leader for blockchain innovation.”

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