Crypto firms rally behind FIT21 bill approaching US House floor vote

Lawmakers expect to vote on a bill clarifying how regulators handle digital assets by June after a majority in both chambers passed a resolution against an SEC crypto rule.

Several cryptocurrency companies and advocacy groups urged United States lawmakers to support legislation clarifying the roles of the countrys financial regulators over digital assets.

In a May 16 letter to the U.S. House of Representatives leadership, roughly 60 firms represented by the Crypto Council for Innovation (CCI) called on lawmakers to pass H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. The bill, passed out of the House Financial Services Committee in July 2023, would clarify how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) regulate digital assets.

“We recognize that FIT 21 will introduce new compliance challenges for digital assets companies, but regulatory clarity is indisputably more responsible, safer for consumers, and preferable to the status quo,” said the CCI. “Currently, digital assets firms are instructed to somehow comply with U.S. securities laws that were designed nearly 100 years ago without consideration of the technological advances of today, including the ability for transactions to move at the speed of the internet.”