In a major development, the most comprehensive cryptocurrency legislation to have passed a congressional committee is set to receive approval from the entire House of Representatives in the near future. This announcement was made by Rep. Patrick McHenry, Chairman of the House Financial Services Committee, who has been a driving force behind this legislation. The Financial Innovation and Technology for the 21st Century Act (FIT21), which received bipartisan support during its passage through McHenry’s committee last year, has already been approved by the House Agriculture Committee. However, given the current polarized state of Congress, it appears unlikely that the Senate will follow suit with similar legislation anytime soon. Despite this, McHenry remains optimistic, stating that “With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets.” He went on to say that the passing of this legislation will strengthen America’s position as a leader in the global financial system and enhance its status as a hub for innovation. This news comes at a time when the cryptocurrency industry is investing heavily in political campaigns aimed at supporting pro-crypto politicians. Stand With Crypto, a newly formed political action committee (PAC), has vowed to use funds raised from its 440,000 members to support candidates pledging support for the cryptocurrency sector. The PAC has endorsed a number of bipartisan candidates currently campaigning for seats in both the House of Representatives and the Senate. As reported by Reuters, a senior executive from McHenry’s committee has revealed that the bill is scheduled to be discussed by the House Rules Committee in the coming weeks. If approved, it could then proceed to a full House vote. This latest development follows news that the Senate is considering a separate crypto-related bill aimed at regulating stablecoins, although it remains unclear whether this legislation will be able to pass through Congress before the end of the year.
House of Representatives Poised to Approve Comprehensive Cryptocurrency Legislation
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