After much planning by members of both parties, the Republican bill, entitled FIT for the 21st Century, was created by two House committees and approved.
The Financial Innovation and Technology for the 21st Century Act was discussed carefully on July 27 by the US House of Representatives Agricultural Committee. The committee moved through a number of modifications quietly and expeditiously, making frequent expressions of bipartisanship and self-congratulatory mentions of the members’ collaboration and hard work.
The bill, which was co-written by Republican members of the Financial Services and Agriculture Committees, aims to establish a thorough regulatory framework for digital assets. Along with many other legislation, it was discussed in the Financial Services Committee the day before.
Additionally, despite the fact that it was later noted that the measure gives the CFTC the bare minimum of financing requested by Chair Rostin Behnam, the CFTC’s funding was not enhanced in accordance with the new powers the bill would grant it.
Several lawmakers commented on the provisional registration measures. In order to provide some monitoring of provisionally registered parties while regulations were being developed, Rep. Yadira Caraveo’s amendment to mandate that they belong to a futures trade group eventually passed.
A change proposed by Rep. Jasmine Crockett would require market participants to have genuine addresses to strengthen the disclosure protocols. As a result, the law has received immense support from the crypto community which suggests that maintaining the status quo isn’t the option.
