'Pro-Crypto Bill' Passes US House Agriculture Committee

The Republican bill, dubbed FIT for the 21st Century, was drafted by two House committees and passed after intense preparations by members of both parties.< /p> News Join us on social networks

On July 27, the U.S. House of Representatives Agriculture Committee tactfully reviewed the Financial Innovation and Technology Act for the 21st Century. With many references to bipartisanship and mentions of complacency for member cooperation and hard work, the committee considered a series of amendments calmly and quickly.

The bill, co-authored by Republican members of the Agriculture Committee and the Financial Services Committee, aims to create a comprehensive regulatory framework for digital assets. It was debated in the Financial Services Committee along with several other bills a day earlier.

Ranking Member David Scott outlined Democrats' concerns, saying consumer protections need to be strengthened in the bill. It does not provide for third-party auditing, he said.

Furthermore, funding for the Commodity Futures Trading Commission (CFTC) was not increased in line with the new powers the bill would grant it, although it was later pointed out that the bill granted to the CFTC the minimum level of funding requested by Chairman Rostin Behnam.

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