Revised Crypto Market Structure Bill to Be Released Soon

According to Odaily, French Hill, Chairman of the U.S. House Financial Services Committee, announced at a blockchain summit in Washington that a revised draft of the new crypto market structure bill will be unveiled in the coming days. This draft is an updated version of the '21st Century Financial Innovation and Technology Act' (FIT21), which was passed by the House last year. Although the bill has not been formally introduced in the current Congress, it previously received support from 71 Democratic lawmakers, including former Speaker Nancy Pelosi. Hill stated that the draft has been adjusted based on various technical inputs. The proposed legislation aims to grant the Commodity Futures Trading Commission (CFTC) increased regulatory authority and funding to oversee crypto spot markets and digital commodities like Bitcoin, while also clarifying the role of the Securities and Exchange Commission (SEC).