Crypto companies from the FIT21 bill are approaching the US House of Representatives for a vote.

Several cryptocurrency companies and advocacy groups have urged US lawmakers to support legislation that would clarify the role of the country's financial regulators in digital assets.

In a May 16 letter to the leadership of the US House of Representatives, nearly 60 organizations represented by the Crypto Council for Innovation (CCI) urged lawmakers to pass HR4763, or the 21st Century Financial Innovation and Technology (FIT21) Act. A bill out of the House Financial Services Committee in July 2023 clarifies how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will regulate digital assets.

“We recognize that FIT 21 introduces new compliance challenges for digital asset companies, but regulatory transparency is unequivocally more responsible, safer for consumers and preferable to the current situation,” CCI said. “Currently, digital asset companies are mandated to comply with US security laws that were designed 100 years ago without taking into account today's technological advances, allowing transactions to move at the speed of the Internet.”

Coinbase, Circle, Block, Kraken, Gemini and Stand With Crypto were among the signatories of the letter. The advocacy group urged US voters to contact their representatives and support the bill.

Patrick McHenry, chairman of the House Financial Services Committee, said the FIT21 bill could be ready for a full floor vote “later this month” after consideration in the legislation committee. That puts lawmakers in session for about five days before June. Several lawmakers, including Rep. Frances Hill, have already indicated they plan to vote in favor of the bill.

In the last ten days, the House and Senate passed a resolution to repeal the SEC's rule on how banks handle digital assets. While the bill has bipartisan support in both houses of Congress, US President Joe Biden has said he plans to veto it.

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According to digital asset advocate and Senator Cynthia Lammis, the SEC's decision to overturn the regulation is the first time this session of Congress has enacted “neutral crypto legislation.” It is unclear whether lawmakers will follow suit by passing FIT21. The White House did not suggest whether President Biden would immediately sign the bill if it passes the House and Senate.

The potential crossover of the two cryptocurrencies comes as the United States moves deeper into an election year. President Biden and former President Donald Trump In 2024, the candidates for the Democratic and Republican Party have agreed on two debates on June 27 and September 10, where crypto will be a topic of discussion.

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