Financial Associated Press, May 23 (editor Ma Lan) despite facing US President Joe BidenBovegasonlinecasinoMany Democrats in the US House of Representatives still choose to work with Republicans to pass a bill that has a far-reaching impact on the digital assets industry.
On Wednesday, the House of Representatives passed the 21st Century Financial Innovation and Technology Act (FIT21) by a vote of 279 to 136. among them, 71 Democrats and 208 Republicans voted for the bill, while three Republicans and 133 Democrats voted against it.
As one of the Democrats who ignored the opposition of the White House, Josh Gottheimer pointed out that the American encryption industry needs rules.BovegasonlinecasinoHe believes that Congress needs reasonable, thoughtful and bipartisan legislation, and that the Financial Innovation and Technology Act of the 21st Century will be an important milestone.
FIT21, mainly promoted by Republicans, aims to establish a system to regulate the US cryptocurrency market, formulate consumer protection measures, give the Commodity Futures Trading Commission new jurisdiction over digital goods, and clarify the jurisdiction of the Securities and Exchange Commission over some digital assets in investment contracts.
The bill will be voted on in the U.S. Senate and, if passed, on President Joe Biden's desk for approval. Although Biden made clear his opposition in a policy statement, he did not say he would veto the bill. But even if the bill falls, it is still a long way from formal regulation, and the corresponding committee needs to come up with more details.
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The Securities and Exchange Commission (SEC), a long-time opponent of the cryptocurrency industry, is unhappy with the passage of the new bill. Gary Gensler, chairman of the SEC, issued a public statement criticizing the new bill, saying it was making a fuss and would endanger existing securities regulations.
Congressman Maxine Waters, a Democrat who opposes it, also pointed out that the bill allows cryptocurrency companies that have been evading securities laws to evade their responsibilities, which have made billions of dollars by illegally issuing or assisting in buying and selling encrypted securities. The Republican proposal is to legalize these activities to encourage these encryption companies.
Interestingly, the emergence of FIT21 has something to do with a person. Sam Bankman-Fried, the now-imprisoned former FTX chief executive, was one of the leaders lobbying Congress for a cryptocurrency bill, offering donations to any lawmaker willing to participate to push for cryptocurrency legislation.
However, the sudden collapse of FTX the year before last brought the process of the cryptocurrency bill to a freezing point. Last summer, FIT21 was eliminated by the House Committee on Financial Services and the Committee on Agriculture. But as more people realized the importance of encryption industry regulations to consolidate America's position in the global encryption industry, the fate of the bill was reversed.
Patrick McHenry, a Republican who has long supported encryption industry legislation, said that his term in Congress is coming to an end, but that encryption industry legislation will not end and will be irresistible, just as the encryption industry will continue to exist, even if the industry has been repeatedly declared to be dying.
