Representative French Hill says two crypto-regulating bills in the US might make some progress on Capitol Hill before the current Congress disbands.
Overturned Chevron deference likely won’t impact crypto regulation: Tom Emmer
Only a Donald Trump election victory and a mostly Republican Congress could make Chevron potentially impactful, says Representative Tom Emmer.
Overturned Chevron deference likely won’t impact crypto regulation: Tom Emmer
Only a Donald Trump election victory and a mostly Republican Congress could make Chevron potentially impactful, says Representative Tom Emmer.
Overturned Chevron deference likely won’t impact crypto regulation: Tom Emmer
Only a Donald Trump election victory and a mostly Republican Congress could make Chevron potentially impactful, says Representative Tom Emmer.
Digital Chamber urges US senators to support Lummis’ Bitcoin reserve bill
The crypto advocacy group says it is hand-delivering letters to every US Senator explaining why Bitcoin would help the US secure its position as a world leader.
US political change could expose crypto to $20T industry: Bitwise
Regulatory uncertainty is holding back the $20 trillion dollar financial advisory industry from investing more in crypto, claims Bitwise investment head Matt Hougan.
U.S. Sen. Wyden: House ‘Right’ to Pursue Crypto Bill, Late in Session for More Progress
AUSTIN, Texas – Sen. Ron Wyden (D-Ore.), one of the U.S. Senate Democrats who’ve shown some support for crypto issues, cast doubt Friday that a legislative solution for the industry would move quickly, but he suggested to an audience at CoinDesk’s Consensus 2024 that the momentum will continue next year in Washington.
The Unintended Consequences of FIT21’s Crypto Market Structure Bill
Is the House’s FIT21 Bill Really the Legislation That Crypto Needs?
While many in the industry cheered the passing of the Financial Innovation and Technology for the 21st Century Act yesterday, many other raised criticisms and concerns.
FIT21 crypto bill passes US House: Here’s what could happen next
The crypto-regulating bill is headed to a cloudy future in the Senate with no companion bill and faces one of the country’s most prominent crypto critics.
Nancy Pelosi mulls supporting Republican’s FIT21 crypto bill: Report
The former House Speaker is reportedly considering support for the Republican crypto legislation, breaking from ranking Democrats.
House Democrats won’t be forced to vote against two pro-crypto bills
A leaked email shows Democratic Party leaders “strongly oppose” two Republican-led crypto bills, but will not force House members to vote no on them.
Bipartisan bill for blockchain competitiveness passes US House
The Deploying American Blockchains Act of 2023 gives the Commerce Department a role in advancing blockchain technology.
U.S. House Approves Major Crypto Bill, Pushes For A Regulatory Framework
A noteworthy development has occurred in regulating the United States’ crypto space as a House Committee has approved a bill to bring clarity into the industry.
On July 26, the U.S House Financial Services Committee approved the Financial Innovation and Technology Act for the 21st Century Act, popularly known as FIT21.
#PASSED: In a historic first, the House Financial Services Committee just advanced the BIPARTISAN FIT for the 21st Century Act to protect consumers and provide clear rules of the road for the digital asset ecosystem.
Up next: @HouseAgGOP considers the legislation tomorrow. pic.twitter.com/kOyLmolPuz
— Financial Services GOP (@FinancialCmte) July 26, 2023
After a long deliberation, the House Committee greenlighted the FIT21 bill with a 35-15 voting result.
It is worth stating that the FIT21 has been garnering attention, with Coinbase CEO Brian Armstrong taking to Twitter to urge crypto users in the United States to actively push for this bill’s approval.
Although Armstrong believed the bill would likely be modified as it passes the complete legislative process, its approval by the House Committee was vital to safeguard the crypto space, “American innovation and national security.”
The FIT21 Act – A Landmark Legislation For U.S. Crypto Space?
The Financial Innovation and Technology for the 21st Act was recently introduced to the House on July 20.
In the Act’s introductory statements, Representative French Hill, who serves as Chairman of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion, referred to the bill as a “landmark legislation” critical to creating an efficient regulatory framework to safeguard crypto users’ interests.
The U.S. House Representative further stated that this bill would have prevented the FTX crisis and provided much-needed clarity in crypto. Hill said:
This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants.
In addition, the FIT21 Act will enhance cooperation between the two financial regulators trying to assume control of the U.S. crypto market. U.S. Representative Dusty Johnson, another sponsor of the bill, emphasized this motion saying:
The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.
U.S. Congress Finally Stepping Up Crypto Regulations
The call for a regulatory framework in the U.S. crypto space has been on for quite some time, especially with multiple clampdowns by the SEC on various crypto exchanges and businesses in 2023.
U.S. Patrick McHenry highlighted this situation, stating the United States is “falling behind” other nations regarding digital asset regulation.
However, the introduction of the FTI21 Act, along with other bills such as the Blockchain Regulatory Act, the Digital Asset Market Structure Proposal, and the “Lummis-Gillibrand” Bill, suggests that the United States government may be ramping up its regulatory efforts in the crypto landscape.