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<p class="is-style-lead">The U.S. House Committee on Agriculture has approved the Financial Innovation and Technology for the 21st Century Act.</p> 
<p>Better known as FIT for the 21st Century, the <a href="https://agriculture.house.gov/uploadedfiles/fit_for_the_21st_century_act_of_2023.pdf" target="_blank" rel="noopener noreferrer nofollow">bill</a> is designed to establish a comprehensive regulatory framework for digital assets. </p> 
<p>It is the product of the House Agriculture Committee and the House Financial Services Committee and was passed due to bipartisan efforts of Republicans and pro-crypto Democrats.</p> 
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   <p lang="en" dir="ltr">This Thursday, the Committee will markup H.R. 4763, the Financial Innovation and Technology for the 21st Century Act.<br><br>This bill aims to close regulatory gaps, protect consumers, and ensure U.S. leadership in financial &amp; technological innovation. <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a><a href="https://t.co/WlpzUciahK" target="_blank" rel="noopener noreferrer nofollow">https://t.co/WlpzUciahK</a></p>— House Committee on Agriculture (@HouseAgGOP) <a href="https://twitter.com/HouseAgGOP/status/1683584086084927488?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 24, 2023</a> 
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<p>The bill’s passage by the Agriculture Committee comes a day after the Financial Services Committee gave its own <a href="https://crypto.news/us-financial-committee-votes-in-favor-of-key-crypto-bills/" rel="noopener noreferrer nofollow">approval</a>, laying the groundwork to better define the status of cryptocurrencies in the eyes of the law.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/cftc-sues-tennessee-real-estate-couple-over-alleged-blessings-of-god-thru-crypto-fraud/" rel="noopener noreferrer nofollow"> CFTC sues Tennessee couple over alleged ‘Blessings of God Thru Crypto’ fraud </a> </p> 
<p>The legislation also aims to augment the <a href="https://crypto.news/us-cftc-takes-legal-action-against-binance-crypto-markets-fall/" rel="noopener noreferrer nofollow">oversight</a> of the Commodity Futures Trading Commission (CFTC) over the cryptocurrency industry and delineate the jurisdiction of the Securities and Exchange Commission (SEC). </p> 
<p>It also mandates the provisional registration of market participants and enhanced disclosure requirements.</p> 
<p>It overcame several hurdles in the Agriculture Committee, including concerns over the need for third-party auditing and sufficient funding for the CFTC.</p> 
<p> You might also like: <a href="https://crypto.news/us-house-agriculture-committee-holds-hearing-on-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow"> US House Agriculture Committee holds hearing on crypto regulation amid SEC lawsuits </a> </p> 
<p>The vote is widely seen as a victory for <a href="https://crypto.news/crypto-lobbyists-seek-sec-info-on-regulatory-approval-for-prometheum/" rel="noopener noreferrer nofollow">crypto lobbyists</a> who have been pushing for more explicit regulatory guidelines. It marked the first time a crypto regulatory bill was voted on in Congress, making it a historic event.</p> 
<p>High praise came from the crypto community, with the Crypto Council for Innovation CEO <a href="https://cryptoforinnovation.org/team/" target="_blank" rel="noopener noreferrer nofollow">Sheila Warren</a> lauding the committee’s passage of the bill. </p> 
<p>She called it a “significant marker” against the status quo while also suggesting further refinements to the bill, including narrowing the definition of “digital asset trading system” and further clarifying restrictions on mixed digital asset transactions.</p> 
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   <p lang="en" dir="ltr">1/ The US regulatory permafrost is thawing. For the first time, Congress took critical steps to establish a comprehensive federal regulatory framework for digital assets in the US.</p>— Sheila Warren (@sheila_warren) <a href="https://twitter.com/sheila_warren/status/1684603767927578624?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 27, 2023</a> 
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<p>Next, the bill will be brought to the Senate floor for a vote, where it could face stiff resistance from Democratic lawmakers.&nbsp;</p> 
<p>Congresswoman Maxine Waters, the leading Democrat on the House Financial Services Committee, expressed her <a href="https://www.thestreet.com/cryptocurrency/fit-act-crypto-legislation-democrat-republican-debate" target="_blank" rel="noopener noreferrer nofollow">disappointment</a> that Republicans had decided to push forward a comprehensive bill that, in her view, would overhaul the nation’s investor protection laws. </p> 
<p>She argued that the legislation seemed to prioritize the crypto industry over the interests of regulators and consumers.</p> 
<p> Read more: <a href="https://crypto.news/us-house-introduces-draft-of-legislation-for-stablecoins/" rel="noopener noreferrer nofollow"> US House introduces draft of legislation for stablecoins </a> </p>

US House Agriculture Committee passes pro-crypto bill

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