Historic crypto market bill approved to advance to full US House

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By BitcoinWiki News

Key Takeaways:

– The House Agriculture Committee advanced legislation to regulate crypto markets in the US.
– The bill is the most significant piece of digital asset legislation to advance in Congress.
– The legislation is likely to be voted on by the entire House of Representatives soon.
– Uncertainty remains in the Senate and the Securities and Exchange Commission is skeptical of the effort.
– The market bill titled the ‘FIT for the 21st Century Act’ aims to gain support from Democrats to overcome skepticism in the Democrat-majority Senate.
– The bill received more Democratic support in the Agriculture Committee.
– The bill grants more power and funding to oversee crypto spot markets for digital commodities like Bitcoin.
– It directs regulators to create a clear pathway for a digital asset to transition from being a security investment to a commodity.
– The bill allows streamlined capital raises through digital asset offerings.
– The House Agriculture Committee’s debate and amendment process was less tense compared to other committees.
– Bipartisan talks over a framework for payment stablecoins broke down during the Agriculture Committee’s meeting.
– Democrats raised concerns about the bill allowing tech companies to issue their own stablecoins without federal regulation.
– The New York Department of Financial Services was consulted on a provision regarding state licensing of stablecoin issuance.
– The Biden administration and traditional financial industry players have issues with the provision.
– The House Financial Services Committee approved its portion of the joint market bill.
– The stablecoin bill is scheduled for a recorded vote later Thursday.


The House Agriculture Committee and the House Financial Services Committee in the United States have advanced legislation to regulate the country’s cryptocurrency markets. The bill, titled the ‘FIT for the 21st Century Act,’ is the most significant piece of digital asset legislation to progress this far in Congress. It is expected to be voted on by the entire House of Representatives in the near future. However, uncertainties remain in the Senate and the Securities and Exchange Commission has expressed skepticism about the effort. The Agriculture Committee’s debate and amendment process was less tense than that of the Financial Services Committee, which also faced a separate bill related to stablecoins. Bipartisan talks on stablecoins broke down, with Democrats expressing concerns about the bill allowing tech companies to issue their own stablecoins and evade federal regulation. The Biden administration and traditional financial industry players have also raised concerns about the provision. The Agriculture Committee approved its portion of the joint market bill through a voice vote, while a recorded vote on the stablecoin bill is scheduled for later.

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