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The U.S. House of Representatives Agriculture Committee has announced a new bill that aims to create a clear and comprehensive regulatory framework for cryptocurrencies in the United States.
The committee, led by Chairman Glenn Thompson, tweeted minutes ago announcing “big cryptocurrency news coming soon,” followed by another tweet promoting the Financial Innovation and Technology Act for the 21st Century, or the FIT Act for short.
👀Some big #crypto news coming soon…
— House Committee on Agriculture (@HouseAgGOP) July 20, 2023
Jointly supported by the Committee and many members of the House Financial Services Committee, the FIT Act will create a joint mandate for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to oversee digital assets, protect consumers and investors, foster innovation, and position America as a leader in finance and technology.
The bill comes at a time when there is a lack of regulatory clarity and certainty for the crypto industry in the US.
According to supporters of the bill, the FIT Act will close existing jurisdiction gaps, ensure US leadership in digital asset innovation, and prevent future scams like FTX from happening.
The bill is expected to be discussed in the House of Representatives Financial Services and Agriculture Committees next week.
*Not investment advice.