Democratic Leaders Won’t Whip FIT21 Despite Opposition: Report
The post Democratic Leaders Won’t Whip FIT21 Despite Opposition: Report appeared on BitcoinEthereumNews.com.
California Democratic Congresswoman Maxine Waters(D-CA) and David Scott(D-GA) have said that they will not be calling on Democrats to vote against the Financial Innovation and Technology for the 21st Century Act (FIT21) prior to Wednesday’s expected vote. Also Read: Elizabeth Warren’s Crypto Bill Draws Interest Amid Checkered Legislative History This decision was revealed through an email from the Democratic Whip’s office that was procured by Politico on Monday. Despite their strong opposition to the crypto regulatory framework, Waters and Scott have chosen not to whip party members against it. Support and Criticism Emerge for FIT21’s Regulatory Impact Several stakeholders in the crypto space have supported FIT21, which is officially known as H. R. 4767. This bill is expected to provide much-needed clarity for the digital asset industry in terms of regulatory expectations by expanding the CFTC’s jurisdiction over cryptocurrencies. NEW: House Democratic leaders said today they will NOT whip against House Republicans’ crypto bill, I’m told. The whip question sent to members this a.m. says that Waters and Scott “strongly oppose” the legislation, but does not urge them to vote “no”: https://t.co/V3DSjewYzV pic.twitter.com/lORrUIo4RZ — Eleanor Mueller (@Eleanor_Mueller) May 20, 2024 However, some critics have argued that the bill may also erode the existing measures that seek to prevent volatility in the cryptocurrency market. Also Read: House Democrats Take a Voting Stance on 2 Pro-Crypto Bills The email from the Democratic Whip’s office highlighted concerns that the bill could disrupt decades of legal precedent and create uncertainty in traditional securities markets. Also, the bill contains provisions that permit entities to file ‘intent to register’ if certain criteria are met, which, in essence, effectively shields them from SEC rules and regulations until the SEC and CFTC finalize their rules. Critics argue that this provision may actually reduce investor protections and allow for fraud…
Filed under: News - @ May 22, 2024 2:18 am