Former House Financial Services Committee Chair Patrick McHenry explained that additional Democratic lawmakers will soon be engaged in crafting the new crypto market structure bill (FIT21).
In a recent interview, McHenry stated that they should also anticipate hearing more within the next few weeks regarding other Democrats who are also working on the bill, citing increasing bipartisan support for moving forward with plain digital asset regulations.
McHenry named specifically Representatives French Hill, Bryan Steil, Tom Emmer, and Ritchie Torres as the lead players in the House right now. He made it clear that the bill, the Financial Innovation and Technology for the 21st Century Act (FIT21), is the product of almost six years of effort by members and staff in the House Financial Services Committee.
Although McHenry stepped down from his chairmanship in January, he expressed excitement and confidence in his colleagues to carry forward this “major piece of policy.” He noted that while they may take the legislation in slightly different directions than he did, he trusts they will make the right decisions to create a sound and functional regulatory framework for the crypto industry.
The increasing Democratic support indicates greater bipartisan support for FIT21, a measure that has the potential to radically transform the regulatory landscape of crypto markets in the U.S. Successfully passed in both houses, it would introduce much-needed clarity to an industry that has been governed by unclear and disjointed regulations.
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