House Majority Whip Tom Emmer (R-MN) is optimistic that support for crypto legislation has reached critical mass in the United States – and even believes that FIT21, a bill on crypto market structure at a standstill, could become law before the holidays.
“I think this bill – at the end of the year, if there is a year-end spending bill – maybe some parts of this bill will end up in the final agreement,” Emmer said. Decrypt of FIT21 during an interview Monday at the Messari Mainnet conference in New York.
FIT21 would establish a federal framework for regulating digital assets that would be jointly overseen by the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). The bill would allow issuers to self-certify their assets as digital products and was thunderstruck by President Joe Biden and SEC Chairman Gary Gensler.
Although FIT21 pass After a vote in the House this spring with key support from 71 Democrats, including Nancy Pelosi, the bill has since been stalled in the Senate, where no vote on its possible passage is expected. As a standalone bill, FIT21 would not only need to pass the Senate but also receive President Biden’s signature to become law.
However, if elements of the bill were to be attached to a year-end spending bill, it could significantly streamline the process. Indeed, the federal government’s ability to function would be at stake as leverage, and President Biden would likely be less inclined to veto an entire government funding package due to a few pro-crypto elements.
Last week, Congress pass a three-month funding extension to avoid a government shutdown, essentially delaying the process until December 20, when a shutdown will trigger unless another funding deal can be reached. End-of-year spending deals regularly turn into high-stakes affairs, in which special exclusions are granted to certain interests. added to get the bill across the finish line and keep the federal government open.
Emmer is confident that given FIT21’s bipartisan popularity, key elements of the bill could find their way into law via such a Christmas, buzzer-beating deal. If that doesn’t happen, he believes the bill is poised to pass soon after.
“Even if it doesn’t happen,” Emmer said, “next year we’re going to see some movement.”
Additional reporting by Liz Napolitano
Edited by Andrew Hayward
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