60 cryptocurrency organizations are supporting the market rescue bill ahead of a vote next week.
The signatories, led by the Crypto Council for Innovation, urged House members to pass the bill in a letter sent Thursday to Speaker Mike Johnson and House Minority Leader Hakeem Jeffries. . FIT21 poses “new compliance challenges” for cryptocurrency companies, but clear rules are needed, the group said.
“Currently, digital asset companies are told to somehow comply with U.S. securities laws enacted nearly 100 years ago without taking into account today’s technological advancements, including the ability for transactions to move at internet speeds.” letter.
House lawmakers are expected to vote on the Republican-led bill. 21st Century Financial Innovation and Technology Act (also known as FIT21). The bill takes a comprehensive approach to regulating cryptocurrencies overall and transfers more responsibility to the Commodity Futures Trading Commission.
“As we all know, no bill is perfect. What this bill does is establish a comprehensive federal regulatory framework that has been missing,” Ji Kim, CCI’s director of global policy, said in an emailed statement. “We look forward to working with policymakers on the next steps to advance the industry in a way that best protects consumers and ensures innovation is maintained in America.”
Cryptocurrency exchanges Gemini, Kraken, Coinbase and companies Andreessen Horowitz and Digital Current Group signed the letter.
Uphill Uphill Uphill of the Senate
If FIT21 passes the House floor next week, it faces an uphill climb in the Senate. Top Senate Democrats have shown no interest or have opposed this in the past.
investment banking TD Cowen He said last week that the bill was “unlikely to become law this Congress,” but noted that it might be. We highlight how Democrats and Republicans view important issues like anti-money laundering and investor protection.
At the Digital Chamber’s DC Blockchain Summit this week, Rep. Wiley Nickel, D-N.C., was asked which Democrats supported him. measure If you want to abolish the cryptocurrency accounting board, you need to vote for the FIT Act.
“I think we’re going to see a larger group of Democrats supporting this bill,” Nickel said.
vote senate And last week, the House of Representatives received unexpected support from Democrats for Nickel’s move to repeal the U.S. Securities and Exchange Commission’s cryptocurrency guidance, which sets specific accounting standards for companies that store cryptocurrencies. Senate Minority Leader Chuck Schumer of New York and Senate Minority Leader Cory Booker of New York voted in favor of the bill Thursday.
Schumer said Politico He supported passage of legislation to repeal SAB 121. “New York State already has strong laws about bookkeeping, but there has been no consultation on these regulations.”
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