• The US House of Representatives Agriculture Committee passed the Financial Innovation and Technology for the 21st Century (FIT) Act after extensive preparations by members of both parties.
• The bill seeks to create a comprehensive regulatory framework for digital assets, with consumer protections being strengthened.
• Provisional registration measures were discussed and amendments proposed to require provisionally registered parties to belong to a futures trade association and have physical addresses were passed.
Pro-Crypto Bill Passes Out of US House Agriculture Committee
The Republican bill, dubbed FIT for the 21st Century, was drafted by two House committees and passed after strenuous preparations by members of both parties. Tact was pervasive in the United States House of Representatives Agricultural Committee’s consideration of the Financial Innovation and Technology for the 21st Century Act on July 27. With many references to bipartisanship and self-congratulatory mentions of the members’ cooperation and hard work, the committee plowed through a series of amendments calmly and quickly.
Overview Of The Bill
The bill, co-written by Republican members of the Agriculture Committee and Financial Services Committee, seeks to create a comprehensive regulatory framework for digital assets. It was debated in the Financial Services Committee along with several other bills a day earlier. Ranking member David Scott introduced the Democrats’ concerns, claiming that consumer protections need to be strengthened in the bill. It does not provide for third-party auditing, he said. In addition, funding for the Commodity Futures Trading Commission (CFTC) was not increased in line with the new authorities the bill would give it, though it was later pointed out that the bill provides the CFTC with the minimum level of funding requested by Chair Rostin Behnam.
Amendments To The Bill
Rep Alma Adams called out that consumer protections need to be guaranteed in this bill while Rep Yadira Caraveo proposed an amendment requiring provisionally registered parties to belong to a futures trade association as well as having physical addresses which were later voted on favorably .
Reception Of The Bill
The reception towards this pro crypto bill has been widely positive where many legislators have been vocal about their support . Shifting over to @HouseAgGOP as they markupthe Financial Innovation and Technology forthe 21st Century Act , Chair Thompson notedthe following in his opening remarks : “This legislation marks a significant milestone inthe House Committee on Agriculture’s effortsto create a…”
Conclusion
In conclusion , this pro crypto bill is seen as an important step towards creating better regulation around digital assets especially when considering its bipartisan nature . All amendments considered were voted through successfully demonstrating confidence from both sides on this important issue .