House Democrats in the United States aren’t forced but strongly encouraged to vote against two pro-crypto bills up for a floor vote this week.
The party leaders’ email, shared by POLITICO, didn’t push members to oppose the Republican-led Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act.
FIT21 aims to clarify cryptocurrency classification and hand regulatory control to the Commodity Futures Trading Commission, supported by 60 companies in a letter urging its passage.
However, Representatives Maxine Waters and David Scott oppose FIT21, with Waters also against the CBDC Act. Democratic leaders criticized FIT21 for potentially undermining legal precedents and weakening investor protections.
The CBDC Anti-Surveillance State Act aims to halt Federal Reserve CBDC issuance, but Democrats fear it could hinder the dollar’s global influence. FIT21’s floor debate and passage are expected on May 22.
This development underscores ongoing debate and division within Congress over cryptocurrency regulation.
Also Read: US House Approves Deploying American Blockchains Act 2023