The House is expected to vote on the SEC, CFTC transparency crypto bill in May

The US House Financial Services Committee announced that lawmakers are preparing to vote on the 21st Century Financial Innovation and Technology Act, also known as FIT21.

In a May 10 announcement, House Financial Services Committee Chairman Patrick McHenry said the full chamber would be able to vote on the FIT21 bill “later this month” after it is considered in a House committee. In the year The bill, which passed out of committee in July 2023, seeks to clarify the roles of the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating digital assets.

“After working tirelessly across the aisle and across the country over the past year to craft a clear, practical regulatory framework for digital assets, I am proud that this remarkable legislation is coming to the House floor,” said Representative French Hill. “The failure of FTX demonstrates that we need strong consumer protections and an effective regulatory framework to ensure that the rapidly growing digital asset ecosystem is safe for investors and consumers while maintaining America's leadership in blockchain innovation.”

According to Republican lawmakers, the FIT21 bill would give the CFTC more authority over digital products and clarify the SEC's role in crypto. The announcement followed a bipartisan vote in the House in support of the SEC's decision to crack down on crypto accounting rules that many have criticized for imposing restrictions on banks.

Related: Proposed US Blockchain Integrity Act Bans Crypto Mixers for 2 Years

It is unclear whether the crypto bill will have enough support to pass the House. Representative McHenry said the legislation coming up for a full floor vote is the result of “bipartisan efforts,” but the bill still needs to pass the Senate and be signed by President Joe Biden.

“[S]Updated the billing language to review changes since the bill was marked with HFSC. [Republicans] And [Democrats] It was approved last July and with bipartisan support,” said Sheila Warren, CEO of the Crypto Council for Innovation. “While FIT21 is not a perfect bill (there is no bill!), this is an important and historic step toward establishing a federal regulatory framework for digital assets in the US.”

It's an election year in the United States, and many lawmakers continue to push to regulate and control digital assets as a campaign issue. Cryptocurrency exchange Coinbase's Stand With Crypto initiative has announced the launch of a political action committee supporting pro-crypto candidates in 2024. Rep. McHenry said he does not plan to run for re-election in December.

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