Crypto Industry Rallies Behind House Bill As it Heads Toward Final Vote
Summary
The U.S. House of Representatives is close to voting on the Financial Innovation and Technology for the 21st Century Act (FIT21), which would regulate digital assets. The bill aims to establish the Commodity Futures Trading Commission (CFTC) as the leading regulator, set clear divisions for CFTC and SEC oversight, and provide consumer protections. The crypto industry is optimistic after a recent victory in overturning a crypto accounting policy from the SEC. The level of Democratic support for FIT21 in the House could influence Senate action. Rep. Patrick McHenry believes the House's support may prompt Senate action.
