According to PANews, Patrick McHenry, the Chairman of the House Financial Services Committee, has indicated that the US Congress may vote on the 'Financial Innovation and Technology Act of the 21st Century' (FIT21) before the end of May. FIT21 is set to grant the Commodity Futures Trading Commission (CFTC) jurisdiction over crypto commodities and the Securities and Exchange Commission (SEC) jurisdiction over cryptocurrencies provided in investment contracts.
Furthermore, FIT21 has established rules for companies that must register with the SEC and CFTC. These rules include requirements related to customer disclosure, asset protection, and operations. The legislation aims to provide a clear regulatory framework for digital assets, addressing long-standing market regulation and consumer protection issues.
It is reported that FIT21 is the most comprehensive cryptocurrency legislation passed by a congressional committee to date, marking a significant milestone in digital asset regulatory legislation.
