The crypto lobby cheered when the House passed the Financial Innovation and Technology for the 21st Century Act, or FIT21, earlier this year—but that was then, and this is now.

Following Donald Trump’s sweeping victory, and a red wave across Congress that includes many pro-crypto lawmakers, the crypto lobby is poised to trash the bipartisan market structure bill in favor of legislation even more favorable towards the industry, sources told Decrypt.

FIT21 sought to create a federal framework for cryptocurrency regulation, and establish jurisdictional boundaries between the Commodity Futures Trading Commission and the Securities and Exchange Commission. In short, it would curtail the SEC’s authority over digital assets that meet certain criteria and rein in what the industry has described as the Commission’s “regulation by enforcement” approach. But it would also cede much of that authority to the CFTC instead.

As recently as last month, members of Republican congressional leadership indicated that they might try to attach key elements of FIT21 to an end-of-year spending bill to get some basic crypto-related laws over the finish line.

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Author: Sander Lutz

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