The House Financial Services Committee announced Friday, May 10, its intention to consider the Financial Innovation and Technology for the 21st Century (FIT21) Act. 

This announcement paves the way for a crucial floor vote later this month, signaling Congress commitment to providing clarity and regulatory certainty for cryptocurrency and other digital assets.

In its forecast on crypto regulation, crypto.news highlighted the FIT21 Act as one of the main pieces of legislation to be addressed in 2024. 

Chairman Glenn Thompson introduced the act alongside Rep. French Hill, Rep. Dusty Johnson, Whip Tom Emmer, and Rep. Warren Davidson. It aims to establish clear and functional federal requirements for crypto markets. It seeks to provide necessary consumer protections and regulatory clarity for the U.S. crypto industry to grow.

House Financial Services Committee Chairman Patrick McHenry emphasized the importance of the FIT21 Act in addressing longstanding regulatory uncertainties, stating, “For far too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that has stifled innovation and left consumers unprotected.” 

McHenry added, “This comprehensive market structure legislation is the culmination of years of bipartisan efforts to finally provide clarity.”

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Author: Julius Mutunkei

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