There has been a joint focus on cryptocurrency-related issues from both Congress and the administration this year. This effort is largely being spearheaded in Congress by the House Agriculture Committee and the House Financial Services Committee - the two committees with jurisdiction over the Commodity Futures Trading Commission (CFTC) and the Securities & Exchange Commission (SEC), respectively. The leaders of both committees released a discussion draft of legislation that would regulate cryptocurrency and digital assets, after which they published the final version on July 20th.
This legislation - the Financial Innovation and Technology (FIT) for the 21st Century Act - is likely to serve as the basis of legislation that will regulate cryptocurrency. This legislation is set to be considered today by the House Financial Services Committee, after which the House Agriculture Committee will consider the bill tomorrow. However, given the larger priorities of the committees of jurisdiction - especially the Farm Bill for the House Agriculture Committee - it remains to be seen if legislation regulating cryptocurrency will be cleared this Congress. Furthermore, this Republican-led bill will need to garner support from Democrats in order to advance. Nonetheless, this represents one of the strongest efforts to regulate cryptocurrency to date.
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