Reserve Dollar

United

David Vance

Reserve

Ahead of two “pro-crypto” bills lined up for a floor vote this week in U.S, the Democratic Party issued a whip for House Democrats wherein they were “strongly encouraged” but not “compelled” to vote against the bills. 
The party leaders’ email, <a href="https://www.politico.com/f/?id=0000018f-97ef-d048-a5cf-9fffe2f80000" target="_blank" rel="noreferrer noopener">shared</a> by POLITICO, didn’t ask members to vote no for the Republican-led Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act.&nbsp; 
FIT21 aims to introduce cryptocurrency classification and hand over regulatory control to the Commodity Futures Trading Commission. The bill is seen as pro-crypto and is supported by 60 companies in a letter urging its passage.&nbsp; 
However, Representatives Maxine Waters and David Scott <a href="https://www.politico.com/f/?id=0000018f-9798-d048-a5cf-9ffaf0490000" target="_blank" rel="noreferrer noopener">oppose</a> FIT21, with Waters also against the CBDC Act. Democratic leaders criticized FIT21 for potentially undermining legal precedents and weakening investor protections.&nbsp; 
Similarly, the CBDC Anti-Surveillance State Act aims to halt Federal Reserve CBDC issuance, but Democrats fear it could hinder the dollar’s global influence.&nbsp; FIT21’s floor debate and passage are expected on May 22.&nbsp; 
This development underscores ongoing debate and division within Congress over cryptocurrency regulation. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/21/us-house-approves-deploying-american-blockchains-act-2023/" target="_blank" rel="noreferrer noopener">US House Approves Deploying American Blockchains Act 2023</a> 
</blockquote>

Democrats Get Whip to Strongly Oppose Pro-Crypto Bills

The Crypto Times

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