The Push for crypto Legislation Gains Momentum in the United States
House Majority Whip Tom Emmer (R-MN) has expressed optimism regarding the growing support for crypto legislation within the United States. Emmer believes that the FIT21 bill, a critical piece of legislation aimed at regulating the crypto Market structure, could potentially become law before the upcoming holidays.
The Potential Impact of FIT21
FIT21, if passed, would establish a federal framework for regulating Digital assets under the joint oversight of the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). The bill includes provisions that would allow issuers to self-certify Digital assets as commodities, a move that has faced opposition from President Joe Biden and SEC Chair Gary Gensler.
While FIT21 managed to secure a vote in the House earlier this year with significant support from Democrats, including key figures like Nancy Pelosi, progress on the bill has stalled in the Senate. As a standalone bill, FIT21 would require approval from the Senate and President Biden to become law.
Potential Path Forward
Emmer suggests that incorporating elements of the FIT21 bill into an end-of-year spending package could expedite the legislation's progress. Such a move would leverage the urgency of government funding, making it less likely for President Biden to veto the entire spending bill over a few pro-crypto provisions.
With a three-month funding extension recently passed by Congress to avert a government shutdown until December 20, the opportunity for FIT21 to be included in an end-of-year deal remains on the Table. These year-end spending packages often involve last-minute negotiations to include various provisions, giving FIT21 a potential path forward.
The Road Ahead
Emmer remains confident in the bipartisan appeal of FIT21 and is hopeful that essential components of the bill could find their way into law through a holiday-season agreement. Even if an agreement is not reached by the year's end, Emmer believes that the bill stands a good chance of passing shortly thereafter.
In the event that FIT21 does not progress before the holidays, Emmer anticipates that momentum will continue into the next year, ensuring ongoing efforts to advance crypto legislation.
With the crypto industry gaining increasing traction in the United States, key legislators like Emmer are working to align regulations with Market needs. The potential passage of FIT21 could provide greater clarity and structure to the Digital asset space, fostering Innovation and Growth within the industry.
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