Blockchain Association Sends Letter To Reps. Mike Johnson And Hakeem Jeffries Urging FIT21 House Vote

cryptonews.com:

The Blockchain Association urged a full House floor vote of the Financial Innovation and Technology for the 21st Century Act (FIT21) in a Monday letter to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries.

FIT21 (also known as H.R. 4763) is expected to be voted on in the chamber sometime this week. Its potential passage in both the House and the Senate would mark the first time the U.S. has seen crypto-oriented regulation.

The letter, undersigned by crypto heavyweights including Ripple, Kraken, and Circle, pushes for a House vote on the legislation, citing the need for “legislation that offers a framework for innovation, regulatory clarity for U.S. operators, and protection for users and consumers.”

1/ Today, @BlockchainAssn members sent a letter to @SpeakerJohnson and @RepJeffries in support of a floor vote for the Financial Innovation and Technology for the 21st Century Act (#FIT21).https://t.co/RhBfe9Gg5p pic.twitter.com/BUoEnoOEAD

— Blockchain Association (@BlockchainAssn) May 20, 2024

“Since the inception of the Bitcoin network in 2009, the blockchain and digital asset industry has existed without targeted market regulation,” the letter to Jeffries and Johnson read. “The absence of clear rules leads to confusion in the marketplace for companies – and leaves users and consumers unprotected.

U.S. regulators have been scrutinized for their treatment of the crypto sector. The United States Securities and Exchange Commission (SEC) is often criticized for its regulation-by-enforcement approach.

Critics claim that the stringent anti-crypto atmosphere may drive American businesses overseas and stifle the country’s technological advancement.

“This lack of clarity impedes innovation and hamstrings companies, harming