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Source: Blockchain Knight
Patrick McHenry, chairman of the House Financial Services Community, said that the new legislation will make the Crypto asset industry clearer in supervision and may vote in the House of Representatives by the end of May.
This proposal legislatorIt aims to provide a clear regulatory framework for digital assets to solve the problem of long -term market supervision and consumer protection issuesEssence
MChenry said on May 10 that the review process will provide its due speeches for this “urgent legislation”.
MChenry added: “For a long time, the US digital asset ecosystem has been plagued by supervision uncertainty, which kills innovation and makes consumers fail to protect it.”
Crypto Council’s CEO SHEILA Warren further confirmed that the review will be conducted in the week of May 20Essence
The House Rules Committee consists of nine Republicans and four Democrats and may review the legislation in accordance with the “structured rules”.The structured rules determine which amendments can be reviewed and the time of both parties debate.
The House of Representatives’ Financial Services Committee will decide whether the FIT21 should be submitted to parliament voting by the end of May, and the bill must also be reviewed by the Senate and President.
The FIT21 gives the US Commodity Futures Trading Commission (CFTC) its jurisdiction over Crypto commodities, and specifies the U.S. Securities and Exchange Commission (SEC) Crypto assets provided in the investment contract.
The legislation aims to establish “clear boundaries between SEC and CFTC”Essence
In recent years, SEC’s expansion of law enforcement has caused great controversy. Therefore, FIT21 can solve one of the most striking controversy in Crypto assets.
This distinction is designed to help Crypto asset developers raise funds and clarify whether their activities are supervised by CFTC or SEC.
In addition to distinguishing the role of regulatory agencies, the bill also creates a program that allows the second -level market transaction to provide Crypto goods for the first time in the investment contractEssence
FIT21 also formulated rules for companies registered with SEC and CFTC, including related requirements for customers, asset protection and operations.
FIT21 was proposed by Glenn Thompson, Chairman of the House of Representatives, Chairman of the Agricultural Committee of the House, Tom Emmer, Council, MP, Dusty Johnson and Warren Davidson in July 2023.
