House Democratic leaders won’t oppose two pro-cryptocurrency bills
Based on an email shared by Politico, Democratic leaders did not urge their members to vote against two cryptocurrency-supporting bills expected to be submitted to the House of Representatives soon. Democratic leaders expect the HR 4763 and HR 5403 bills to be submitted this week. Therefore, although they did not compel House Democrats to vote against them, they still raised their own concerns about the bills.
The HR 476 bill, also known as the 21st Century Financial Innovation and Technology (FIT21) Act, will provide a new regulatory framework for the industry. If passed, FIT21 will establish the Commodity Futures Trading Commission (CFTC) as the primary regulatory agency for cryptocurrencies and clarify whether digital assets are securities or commodities.
According to the email, Democratic leaders believe that the language of the bill "undermines decades of legal precedent and case law, creating uncertainty for our traditional securities markets."
