đNews Alertđ: US House Democrats are not required to vote against two pro-crypto bills, but are strongly advised to do so. FIT21 Act and CBDC Anti-Surveillance State Act (aka H.R. 4763 & H.R. 5403) are up for a vote.
FIT21 aims to clarify the classification of cryptos as commodities or securities, with the CFTC taking the regulatory reins.đ60 companies are cheering for this bill!đ
CBDC Act, on the other hand, is playing defense against the Federal Reserve issuing a central bank digital currency.đĄïž
However, some Democrats like Maxine Waters and David Scott are not fans of these bills. They argue FIT21 could lead to market manipulation and fraud, while the CBDC Act could undermine the supremacy of the US dollar.đ”
Floor debate and passage of FIT21 are expected on May 22. Stay tuned for updates!đż
What's your take on these bills? Are they a step forward or backward for the crypto industry? Sound off in the comments!đ #DeFi #Web3 #Technology