This article is more than six months old

Pathway cleared for US House to consider crypto regulation bill, McHenry says

Pathway cleared for US House to consider crypto regulation bill, McHenry says
Snapshot
US Representative Patrick McHenry sees a clear path for a House vote on crypto regulation. Credit: Michael Brochstein/SOPA Images/Shutterstock
By
Mike Millard
11 May 2024 at 08:47
  • Financial Services Committee chair says path clear for House vote.
  • Bill is intended to achieve regulatory clarity for digital assets.
  • Should bill pass House, fate in Senate is unclear.

McHenry says US House will vote on crypto regulation

The House Rules Committee will consider the Financial Innovation and Technology for the 21st Century (FIT21) Act, clearing the way for an eventual floor vote, according to North Carolina Congressman Patrick McHenry, chair of the House Financial Services Committee.

FIT21 is intended to achieve regulatory clarity for digital assets, the House Financial Services Committee said in a news release.

The bill would establish clear and functional federal requirements over digital asset markets. It would also provide the consumer protections and regulatory clarity necessary for the digital asset ecosystem to thrive in the US, according to the Financial Services Committee.

McHenry said: “For far too long, the US digital asset ecosystem has been plagued by regulatory uncertainty that has stifled innovation and left consumers unprotected. … This comprehensive market structure legislation is the culmination of years of bipartisan efforts to finally provide clarity.”

The bill, which has also been approved by the House Agriculture Committee, was introduced last July.

McHenry plans to retire at the conclusion of his current term.

The legislation provides the Commodity Futures Trading Commission with new jurisdiction over digital commodities and clarifies the Securities and Exchange Commission’s jurisdiction over digital assets offered as part of an investment contract, according to the news release.

Should the bill come to a floor vote in the House as foreseen, it will be the first time such crypto legislation has advanced that far. Should FIT21 pass the House, its fate in the Senate seems less certain.

Join the community to get our latest stories and updates

Still, the bill represents a real step towards greater regulatory clarity for digital assets in the US.

Crypto market movers

  • Bitcoin is down 3.30% today at $61,034.83.
  • Ethereum is down 4.00% today at $2,922.99.

What we are reading