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The United States House of Representatives is nearing a vote that could bring the cryptocurrency industry closer to achieving long-sought regulation in the country, with key cryptocurrency industry players rallying behind it.
The Crypto Council for Innovation, a coalition of organizations and firms in the space, including Coinbase, Kraken, Andreessen Horowitz, and the Digital Currency Group, alongside 50 others, have penned a letter to Speaker of the House Mike Johnson (R-La.) and Minority Leader Hakeem Jeffries (D-N.Y.), advocating for the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21).
This legislation, which proposes the Commodity Futures Trading Commission (CFTC) as the leading regulator for digital assets and sets clear responsibilities for it and the SEC, is scheduled for floor time next week.
The bill also aims to establish consumer protections, which would include rules on the custody of users’ digital assets and their treatment in bankruptcy, while also implementing safeguards against risky practices.
Last week, lawmakers in the country voted to pass a joint resolution aiming to overturn a Securities and Exchange Commission (SEC) rule affecting financial institutions doing business with cryptocurrency firms.
The resolution previously cleared the U.S. House of Representatives and now faces a potential veto from President Joe Biden, who said he planned on vetoing the bill after expressing concerns about investor protection and the stability of the broader financial system.
As the bill advances to the floor, the House Rules Committee has called for a range of amendments to be submitted by May 16.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/may/20/
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