Engaging Title: “Financial System Upgrade Bill Nears Crucial Vote in House”

May 20, 2024

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Financial Systems Modernization Initiative

An initiative to modernize financial systems set for full chamber vote

The FIT21 Act aims to clarify digital asset regulation oversight by the SEC and CFTC and is up for consideration by the House of Representatives.

House to Vote on Modernizing Financial Systems

The House of Representatives is poised to vote on the FIT21 Act, a bill that outlines the roles of financial regulators in managing digital assets, as stated by Republican members of the US House Financial Services Committee.

Uncertainty Surrounds Financial Regulation Bill

Since its approval in July 2023, the FIT21 Act has faced delays in progressing further. The bill is now approaching a full chamber vote, potentially becoming law and impacting how the SEC and CFTC regulate digital assets.

The bill has received support from industry stakeholders and House members, seeking to repeal an SEC regulation regarding banks’ handling of digital assets. President Joe Biden’s decision on the resolution is eagerly awaited.

The Blockchain Association and the Crypto Council for Innovation advocate for pro-innovation policies, urging House leadership to endorse FIT21. The bill’s fate rests on garnering sufficient legislative support.

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