House representatives are gearing up for a vote on two major bills of cryptocurrency legislation. The Financial Innovation and Technology (FIT) for the 21st Century Act and an anti-Central Bank Digital Currency (CBDC) bill, sponsored by Republican representatives, will be on the floor the last week of May.
As a result, this united vote is a landmark event in the governance and prospects of digital assets in the United States.
The FIT for the 21st Century Act and Anti-CBDC Bill
The FIT for the 21st Century Act, also known as HR 4763, is a broad bill that seeks to create a regulatory infrastructure around the cryptocurrency industry. It suggests splitting oversight duties between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
This legislation, which was approved by the House Financial Services Committee back in July, is aimed at tackling the changing digital assets and making market participants more transparent about it.
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