US House of Representatives Set to Vote on Comprehensive Cryptocurrency Legislation

According to PANews, the US House of Representatives is expected to vote on comprehensive cryptocurrency legislation on Wednesday, a significant milestone for the industry. The vote is anticipated to pass with bipartisan support, with some Democrats urging their colleagues to vote in favor. A memo shared by a congressional aide reveals that at least eight House Democrats publicly support the '21st Century Financial Innovation and Technology Act' (FIT21), and they may recruit more supporters. The bill is scheduled for full discussion and voting later on Wednesday. 'As Democrats, we see this as an important opportunity to regulate the digital asset market,' the eight lawmakers wrote in an internal memo on Tuesday, asking for their colleagues' support. 'This should not be a partisan issue,' said the lawmakers, including Representatives Wiley Nickel (North Carolina Democrat), Yadira Caraveo (Colorado Democrat), Jim Himes (Connecticut Democrat), Jasmine Crockett (Texas Democrat), Ritchie Torres (New York Democrat), Darren Soto (Florida Democrat), Josh Gottheimer (New Jersey Democrat), and Don Davis (North Carolina Democrat). Despite bipartisan support in the House, the effort highlights the lack of similar progress in the Senate, where cryptocurrency market structure legislation may fail. In response, senior staff of the House Financial Services Committee and Agriculture Committee, who are responsible for the bill, said on Tuesday that they are having more and more discussions with their Senate counterparts, but are also willing to consider the bill as a legislative tool that could be attached as this Congress session nears its end.