House expected to vote on crypto bill, CFTC to clarity in May.

The Financial Innovation and Technology for the 21st Century Act, also known as FIT21, has made significant progress and is now potentially heading for a full floor vote in the U.S. House of Representatives. 

The United States House Financial Services Committee, chaired by Patrick McHenry, is preparing for the vote. 

McHenry mentioned that the bill could be voted on "later this month" after being considered by the House Committee on Rules. 

The FIT21 bill, which aims to clarify the regulatory roles of the U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) regarding digital assets, cleared the committee stage in July 2023. 

Representative French Hill expressed pride in the legislation, emphasizing the importance of strong consumer protections and a functional regulatory framework to ensure the safety of the growing digital asset ecosystem. 

Republican lawmakers highlight that the FIT21 bill would grant the CFTC additional authority over digital commodities and clarify the SEC's role in relation to cryptocurrencies. 

This announcement follows a bipartisan House vote in favor of a resolution that overturned an SEC accounting rule on cryptocurrencies, which was criticized for imposing restrictions on banks. 

The outcome of the full floor vote in the House remains uncertain, as the bill would still need to pass the Senate and be signed into law by President Joe Biden. 

Stakeholders now have access to the updated bill language, allowing them to assess the changes made since last July when the bill received bipartisan approval from the House Financial Services Committee. 

Sheila Warren, CEO of the Crypto Council for Innovation, acknowledges that while FIT21 is not perfect, it represents a crucial and historic step towards establishing a federal regulatory framework for digital assets in the United States. 

With the upcoming election year, many lawmakers are giving priority to the regulation and oversight of digital assets as a campaign issue. 

In line with this, cryptocurrency exchange Coinbase's Stand With Crypto initiative has launched a political action committee to support pro-crypto candidates in 2024. 

Representative McHenry, who has been involved in FIT21, has announced that he will not seek reelection.