According to Blockworks, the U.S. House of Representatives plans to vote on a landmark cryptocurrency market structure bill this week. The bill, called the 21st Century Financial Innovation and Technology Act (FIT21 Act), is expected to be voted on in the House on May 22. The FIT21 Act passed the House Agriculture and Financial Services Committee last summer and was approved by the Rules Committee earlier this month for a vote. The bipartisan legislation has 11 co-sponsors, including Texas Democrats Henry Cuellar, North Carolina Wiley Nickel, and New York Ritchie Torres. The bill clarifies the classification of digital assets, noting that the mere existence of an investment contract does not make a token a security, a distinction that could affect legal disputes between some token issuers, cryptocurrency exchanges, and the SEC. In a fact sheet published next to the bill, the co-sponsors wrote that approximately 70% of all crypto tokens should be classified as commodities rather than securities. Although the FIT21 Act managed to survive the tagging process, some House Democrats opposed the bill, arguing that it overly restricts the SEC's power.
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