The U.S. House of Representatives is gearing up for a significant vote on a bill that could establish a comprehensive regulatory framework for "digital assets." The legislation, dubbed the Financial Innovation and Technology for the 21st Century Act, or FIT21, is poised to make its way through the legislative process.
Rep. Patrick McHenry (R-N.C.), Chairman of the House Financial Services Committee, announced that the House Rules Committee has approved the bill for a vote next month. The bill had previously garnered bipartisan support during its passage through McHenry’s committee last year, despite opposition from the committee’s ranking member, Rep. Maxine Waters (D-Calif.).
"With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets," McHenry stated.
The FIT21 bill outlines the authority that the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) would have in regulating "digital assets."
Despite the progress in the House, the bill's future in the Senate remains uncertain. The Senate has not yet undertaken comprehensive work on similar legislation, although there has been some movement towards regulating the issuers of stablecoins.
Lawmakers are preparing for a full House vote later this month, after the bill passed out of committee in July 2023.
