U.S. House’s McHenry Says Bill on Crypto Market Structure Will Get Floor Vote

As a seasoned crypto investor with a keen interest in the regulatory landscape shaping the digital asset market, I view this latest development with cautious optimism. The approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the House Rules Committee is undoubtedly a significant milestone in the quest for clearer regulations in the U.S., as it marks the first comprehensive legislation to make it through a congressional committee.

The most detailed US cryptocurrency legislation that has passed through a congressional committee thus far is poised for further advancement, as it will soon be put to a vote in the entire House of Representatives, according to Rep. Patrick McHenry (R-N.C.), the chairman of the Financial Services Committee.

Last year, I was part of the panel that managed to pass the Financial Innovation and Technology for the 21st Century Act (FIT21) in a bipartisan manner, despite resistance from the committee’s ranking member, Representative Maxine Waters (D-Calif.). This bill is now on track to become the first major digital assets regulatory legislation to make it through one of the chambers of Congress. The House Rules Committee has given their approval for a vote next month.

The bill, previously endorsed by the House Agriculture Committee, represents the final outcome of years-long bipartisan initiatives to bring clarity in this matter, according to the North Carolina congressman, who is set to retire at year’s end and made cryptocurrency legislation a top priority before leaving office.

“Today’s announcement of the floor vote marks a groundbreaking moment as Congress moves to establish a definitive regulatory structure for digital asset markets,” McHenry stated. “This legislation is poised to strengthen America’s position at the forefront of the global financial landscape and foster our reputation as a pioneering innovation hub.”

Despite making significant strides in passing legislation through the contentious and divided Congress, the likelihood of the Senate taking similar action is slim. This means that even if the bill manages to make it out of the House, it won’t be able to become law until it’s also passed by the Senate and signed by the president. The Senate has yet to engage in serious deliberations on this issue, but recently some progress was made regarding a separate crypto-related bill: an attempt to regulate stablecoin issuers.