U.S. House's Upcoming Vote on FIT21 Bill Would 'Prevent the Next FTX Incident'
The U.S. House of Representatives is set to vote on May 22 on the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to clarify the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission for cryptocurrencies. Rep. Wiley Nickel, R-N.C., called on lawmakers from both parties to support the bill in order to "prevent the next FTX". He emphasized that cryptocurrency regulation currently relies on century-old securities laws, and that the FIT21 bill was drafted with bipartisan cooperation. The bill would limit the SEC's authority to regulate through enforcement, and lawsuits filed against a number of crypto firms, including Ripple, Kraken, Coinbase, and Binance, have been widely criticized.Rep. Nickel said the SEC is politicizing cryptocurrency regulation, forcing President Joe Biden to take sides on this important issue. The House Rules Committee will take up the FIT21 bill on May 21, with a full vote expected the following day. Previously, the House and Senate passed a cryptocurrency-related bill overriding SEC regulations, but President Joe Biden has signaled his intention to veto the resolution.
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