FIT21 bill a ‘watershed moment’ for crypto despite CFTC-SEC friction

June 3, 2024 Coin Telegraph

CFTC

FIT21 is the first bipartisan legislation of its kind to pass in either chamber of Congress, but is its dual-agency model workable?

FIT21 is the first digital asset legislation in United States history to pass in either chamber of Congress — the House of Representatives, in this case.

It did so with strong bipartisan support; 71 Democrats joined 208 Republicans to pass the legislation by a two-to-one margin.

“Last week’s overwhelmingly bipartisan passage of FIT21 was symbolic. It shows that both parties are willing to come together and that Congress, not the SEC, should make policy,” Kristin Smith, CEO of the Blockchain Association, told Cointelegraph.

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Senator Cynthia Lummis Blasts Biden Administration Following President’s Decision To Veto SEC-Related Crypto Bill

June 2, 2024 The Daily Hodl

congress

A pro-crypto US senator is calling out the Biden Administration after the president vetoed a digital asset bill that passed the House and the Senate. In a new statement on the social media platform X, Republican Senator Cynthia Lummis of Wyoming says that the Biden Administration is attempting to skirt the law by vetoing a […]

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Elizabeth Warren and Anti-Crypto Movement Losing Their Battle, According to Former CFTC Chairman: Report

May 26, 2024 The Daily Hodl

CFTC

The former Chair of the Commodity Futures Trading Commission (CFTC) reportedly says that Senator Elizabeth Warren and her anti-crypto agenda are losing their battle. In a new interview with Forbes, former CFTC Chairman Christopher Giancarlo reveals that he’s bullish on the future of digital assets and says that the anti-crypto wing is a “shrinking iceberg.” […]

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Coinbase Seeks Immediate Appellate Review in SEC Lawsuit, Citing Recent Legislation

May 25, 2024 Bitcoin.com

Appeal

As Coinbase seeks an interlocutory appeal in its legal dispute with the U.S. Securities and Exchange Commission (SEC), recent legislative developments have highlighted a growing discord between U.S. Congress and the SEC over digital asset regulation. This past week, legislators passed comprehensive digital asset legislation aimed at curbing the SEC’s expansive jurisdiction claims. As Coinbase […]

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Resolution overturning SEC crypto rule is on Biden’s desk — Now what?

May 23, 2024 Coin Telegraph

Banks

President Joe Biden has ten days, excluding Sundays, to decide whether he wants to follow through on his threat to veto H.J.Res.109.

Many House of Representatives lawmakers praised this week’s passage of two pro-crypto bills, but President Joe Biden may still veto one piece of legislation lauded by industry advocates.

According to congressional records, on May 23, the House presented to the U.S. President a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms. The bill, H.J.Res.109, would strike down the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires banks to keep customers’ crypto on its balance sheets, with capital maintained against them.

Before the House and Senate passed the resolution, President Biden on May 8 said he intended to veto it. He claimed the legislation would “inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets” and limit regulatory guidelines for digital assets.

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US Congress Building Pro-Crypto Army, Lawmaker Says

May 23, 2024 Bitcoin.com

bitcoin.com

Crypto is gaining momentum among U.S. lawmakers. Senator Cynthia Lummis stated: “We are building a pro-crypto army in Congress.” This declaration came shortly after the House of Representatives passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler. ‘We […]

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The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House

May 23, 2024 The Daily Hodl

Blockchain

The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat crypto assets as commodities provided their blockchain is decentralized enough, has passed the US House of Representatives. According to a new press release by the Financial Services Committee, the House has passed the new crypto bill, which would bolster […]

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White House Won’t Veto Passage of FIT21 Despite Opposition From SEC Chair Gary Gensler

May 22, 2024 The Daily Hodl

bill

The White House has signalled it won’t veto the passage of the FIT21 bill despite U.S. Securities and Exchange Commission Chair Gary Gensler advocating against it. In a new press release, the White House says it does not support HR 4763, also known as the Financial Innovation and Technology for the 21st Century Act (FIT21), […]

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US House approves FIT21 crypto bill with bipartisan support

May 22, 2024 Coin Telegraph

CFTC

Democratic and Republican lawmakers in the U.S. House of Representatives voted to pass the Financial Innovation and Technology for the 21st Century Act.

A majority of United States House of Representatives members voted in favor of legislation to establish regulatory clarity over digital assets.

In a 279 to 136 vote on May 22, House lawmakers approved H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. If passed by the Senate and signed into law, the bill clarifies the roles the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have over digital assets. 71 Democrats joined with 208 Republicans to vote in favor of the bill.

“Unfortunately, our current regulatory framework is preventing digital assets’ innovation from reaching its full potential,” said Representative Patrick McHenry before the House vote. “The SEC and the CFTC are currently in a food fight for control of these asset classes.”

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US lawmakers demand SEC-FINRA records on Prometheum ETH custody

May 22, 2024 Coin Telegraph

broker-dealer

Prometheum’s willingness to play along with the SEC’s ambitions for crypto regulation has stirred disapproval in many quarters.

Members of the United States Congress want to know what the Securities and Exchange Commission and Financial Industry Regulatory Authority (FINRA) were talking about when the SEC established Special Purpose Broker-Dealer (SPBD) requirements. They suspect the organizations and crypto trading and custody services provider Prometheum are setting an unwelcome precedent.

Chairman of the House Financial Services Committee Patrick McHenry and subcommittee heads Bill Huizenga and French Hill, all Republicans, stated in a letter to SEC Chair Gary Gensler that they were dissatisfied with the SEC’s response to a March 26 inquiry by 48 members of the House Financial Services and Agriculture Committees concerning Ether’s (ETH) classification as a security, rather than a commodity, and Prometheum’s intent (since realized) as an SPBD to custody ETH.

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