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McHenry Says Pathway Has Gained Approval from the U.S. House of Representatives to Consider Cryptocurrency Regulatory Act – DL News

  • The chairman of the Financial Services Committee says the path to a vote in the House is clear.
  • The bill aims to achieve regulatory transparency in the field of digital assets.
  • If the bill passes the House, its fate in the Senate is unclear.

McHenry says the US House of Representatives will vote on cryptocurrency regulation

According to North Carolina Congressman Patrick McHenry, chairman of the House Financial Services Committee, the Rules Committee will consider the Financial Innovation and Technology for the 21st Century Act (FIT21), clearing the way for a possible vote.

FIT21 aims to achieve regulatory clarity on digital assets, the House Financial Services Committee said in a press release.

The bill would establish clear and functional federal requirements for digital asset markets. According to the Financial Services Commission, it would also provide consumer protection and regulatory clarity necessary for the proper development of the U.S. digital asset ecosystem.

McHenry said: “For too long, the U.S. 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 bring transparency.”

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

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

The legislation gives the Commodity Futures Trading Commission new jurisdiction over digital goods and clarifies the Securities and Exchange Commission’s jurisdiction over digital assets offered under an investment treaty, according to a press release.

If the bill receives a majority vote in the House as expected, it will be the first time cryptocurrency legislation has advanced this far. If FIT21 passes the House, its fate in the Senate appears less certain.

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Still, the bill is a real step toward greater regulatory transparency for digital assets in the US.

People operating on the cryptocurrency market

  • Bitcoin fell 3.30% today to $61,034.83.
  • Ethereum fell 4.00% today to $2,922.99.

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