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McHenry says US House to vote for “crypto regulation bill”

McHenry says US House to vote for “crypto regulation bill” 2

The House Financial Services Committee chairman Patrick McHenry said that the bill is the culmination of years of bipartisan efforts to finally provide clarity for the crypto sector under the jurisdiction of the US. 

The House Financial Services Committee chairman Patrick McHenry confirmed that the House Rules Committee will consider the Financial Innovation and Technology for the 21st Century (FIT21) Act. 

FIT21 Act aimed to make rules clear for digital assets and It will set up clear federal rules for digital asset markets, protecting consumers and making things clearer for the digital asset world to grow in the US.

In particular, it will provide clear guidelines & authority for the US Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).

NEW: 🇺🇸 US House Committee to vote on legislation to "craft a clear, pragmatic regulatory framework for digital assets" this month 👀

— Bitcoin Magazine (@BitcoinMagazine) May 11, 2024

Earlier this bill was approved by the House Agriculture Committee in July 2023 and now it is expected that it will reach to president’s administration before the end of this year to become a law officially. 

It is worth it to note that recently the White House of Representatives voted to pass House Joint Resolution 109 (H.J.Res. 109) to overturn SEC’s accounting policy known as Staff Accounting Bulletin (SAB) 121. SAB 121 is currently a mandatory measure for all the US-based banks to hold Bitcoin & Crypto on behalf of customers but in reality, very strict rules of SAB 121 prohibit Banks from holding cryptocurrencies. 

Later White House Biden Administration opposed Resolution 109 & stated that they would reject it because 109 like resolutions may bring economic instability.

All such kinds of efforts by the government-level political leaders in the US are showing that US lawmakers are now focused on pushing the crypto adoption under a new set of rules & laws in the USA. But here we need to understand that it is not enough for crypto adoption because the US president is not a crypto-supportive person.

Read also: Peter Schiff says “accusation of secretly owning Bitcoin” is a wrong to claim

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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