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22/05/24
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Speaker Emerita Pelosi Reportedly Considering Supporting for FIT21 Crypto Bill
It has been reported that former U.S. House of Representatives Speaker Nancy Pelosi is considering supporting the Financial Innovation and Technology for the 21st Century Act (FIT21) bill that could hit the House floor for a vote on May 22.
American Prospect’s report revealed that Speaker Emerita Pelosi may support the bill based on sources familiar with her thoughts. One of the objectives of the bill is to clarify the authority of the Commodity Futures Trading Commission and Securities and Exchange Commission over cryptocurrency assets.
The passage of the bill would bring changes to the age-long legal standard (Howey test) used to determine what assets are securities and bring cryptocurrency majorly out of the SEC’s oversight. Participants within the cryptocurrency industry have welcomed the bill as many people believe it would bring clarity to regulations regarding digital assets.
Pelosi’s support of the bill means going against ranking Democrats Maxine Waters and David Scott, who have opposed it. However, based on the contents of the leaked emails, House Democrats who vote against the bill will not be whipped.
The arguments put forward by anti-crypto Democrats and financial reform groups state that the bill would reform age-long financial regulations to the advantage of the cryptocurrency industry.
“The bill delivers what the industry has sought for some time: a regulatory regime mostly dominated by the CFTC, which has been far more accommodating of the industry,” said Mark Hays, a senior policy analyst on fintech with Americans for Financial Reform.
Yesterday, Representative Wiley Nickel asked lawmakers to support the bill towards stopping the SEC from “turning cryptocurrency regulation into a political football.”
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