Regulation

House Democratic leaders won’t vote for FIT21 before vote: report

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Last updated: May 21, 2024 at 11:58 a.m. EDT | 2 minutes of reading

Reps. Maxine Waters (D-CA) and David Scott (D-GA) abstain from opposing the Financial Innovation and Technology for the 21st Century Act (FIT21) ahead of planned vote on crypto regulations Wednesday, according to an email obtained by Politico. Monday.

Maxine Waters and David Scott won’t whip FIT21 ahead of Wednesday’s vote

According to the email Sent by the Democratic Whip’s Office, Rep. Waters and Rep. Scott (D-GA) say that while they ‘strongly oppose’ the crypto regulatory framework, representatives won’t push party members to vote against.

HR 4767, also known as FIT21, has been widely supported by major players in the crypto industry. It would provide clear regulatory guidance for the digital assets sector by giving the Commodity Futures Trading Commission (CFTC) greater responsibility for crypto regulation.

Critics argue the bill would weaken already established safeguards against global instability. crypto marketHowever.

“This language undermines decades of legal precedent and case law, thereby creating uncertainty in our traditional securities market,” Monday’s email read. “The bill also provides a safe harbor in which entities can file an ‘intent to register’ if they meet certain requirements, effectively shielding them from SEC rules and regulations until the SEC and the CFTC are finalizing their rules, which weakens investor protection and opens the door to fraud and market manipulation.

A change in US crypto regulations?

The United States Securities and Exchange Commission (SEC) has been widely criticized for its regulatory approach by application to cryptocurrencies. In recent years, the federal agency has taken several high-profile enforcement actions against industry players.

The strict regulatory environment in the United States regarding digital assets has sparked new economic concerns that it could drive crypto companies overseas and stifle innovation altogether.

Monday, the The Blockchain Association sent a letter » to House Speaker Mike Johnson (R-LA) and House Minority Leader Hakeem Jeffries (D-NY), where they urged a full House vote on the bill, saying it would bring “regulatory clarity for American operators”.

“This lack of clarity hinders innovation and cripples businesses, harming America’s position in the global technology race,” the Blockchain Association letter said. “We seek pro-innovation, pro-consumer safeguards to ensure a fair and safe marketplace and to safeguard U.S. technological leadership in this cutting-edge space.”

If FIT21 were to pass both houses of Congress, it could be an encouraging sign that the U.S. government is ready to adopt common-sense crypto regulations.



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