Crypto Regulation Bill Faces Uphill Battle in Senate, Says US Congressman

IconCNT15 May, 2024

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Crypto Regulation Bill Faces Uphill Battle in Senate, Says US Congressman

The Financial Innovation and Technology Act of the 21st Century (FIT21) may face an uphill battle in the U.S. Senate, according to Rep. Patrick McHenry (R-N.C.), the ranking member of the House Financial Services Committee. "We'll have a final vote on the House floor next week. That will determine what kind of interest we get in the Senate and whether we can get something done," McHenry said Tuesday at CoinDesk's Consensus 2023 conference. "Right now, it looks like it's going to be tough to get it through the Senate, but who knows what happens in a lame-duck session before the presidential election in November?" The bill, which is a first step toward providing clearer rules for crypto, would direct federal regulators to define how cryptocurrencies fit within existing financial law, and task the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) with establishing a regulatory framework for crypto trading platforms. Previously on 15 May 2024, Rep. Patrick McHenry (R-N.C.) stated that the Financial Innovation and Technology Act of the 21st Century (FIT21) could face an uphill battle in the U.S. Senate due to lack of interest.

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