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Although the legislation on stablescoin has dominated recent titles, the representatives of the Chamber are in the last stages of the drafting of a bill on the structure of the cryptographic market, according to people familiar with the problem.
I am told that the discussion project should be published by the end of the month. The calendar is aligned with President Trump’s objective to have both bills on the structure of the stable and the structure of the market adopted at the end of this summer.
Representatives will probably derive financial innovation and technology for 21st century law (Fit21), that the Chamber adopted the last congress. Fit21, among others, sought to make the ComboDITY Futures Trading Commission (CFTC) the main regulator of the digital asset markets, passing the authority of the SEC.
The adoption of FIT21 was largely celebrated – even by certain members of the industry who were not completely on board with the details of the legislation – to be the first legislation on digital assets to browse a Congress Chamber. With bipartite support, we could add: 71 Democrats voted in favor of Fit21.
The subcommittee of digital assets of the Chamber’s financial services and the Chamber Agriculture Committee, each had audiences on the structure of the cryptographic market earlier this month. Conversations focused on the best way to divide authority between the dry and the CFTC.
The stable act in the Chamber and the Engineering Law in the Senate are both awaiting new measures. Each bill has adopted its respective committee increases, but none has been provided for a ground vote. The two laws are similar, although the law on engineering grants more authority to state regulators on stablecoin issuers.
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