Senior Democrats Oppose FIT21 Bill, Citing Investor Protection Concerns

Senior Democrats are opposing the Financial Innovation and Technology for the 21st Century Act (FIT21), which is supported by digital asset organizations like Coinbase. The bill provides a regulatory framework for digital assets and expands the authority of the Commodity Futures Trading Commission (CFTC). House Financial Services Committee Ranking Member Maxine Waters and House Agriculture Committee Ranking Member David Scott have sent an email to Democratic members of the House of Representatives expressing their opposition to the bill, citing concerns that it undermines established legal precedents and weakens investor protections. The email also urges lawmakers to vote against a bill introduced by Majority Whip Tom Emmer that would block the Federal Reserve from issuing a central bank digital currency.