Democratic Leaders Won't Force Opposition to Cryptocurrency Bill

According to PANews, Politico reporter Eleanor Mueller stated on platform X that Democratic leaders in the U.S. House of Representatives have announced they will not force Republican members to oppose a cryptocurrency bill. An 'urge to vote' email sent to members this morning indicated that Representatives Maxine Waters and David Scott 'strongly oppose' the bill, but did not urge them to vote 'against'. It was informed that the debate and passage will take place on Wednesday. Waters, Lynch, and Casten held a virtual briefing for members today. Waters will hold another meeting with SEC officials tomorrow. Waters and Scott also just sent a letter to their colleagues about the bill: it links to a fact sheet warning that the 'more relaxed regulatory regime' under the Commodity Futures Trading Commission (CFTC) and the existing 'huge loopholes' could lead to some areas 'without a major regulatory body'. According to the documents shared by Mueller, the aforementioned cryptocurrency bill is the '21st Century Financial Innovation and Technology Act' (FIT21), which will be voted on in the U.S. House of Representatives this week. Previous news indicated that the legislation will clarify how the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regulate digital assets, aiming to provide a clear regulatory framework for digital assets and address long-standing market regulation and consumer protection issues.