According to CoinDesk, the outcome of the forthcoming vote on U.S. legislation to regulate the cryptocurrency industry will significantly impact the U.S. Senate's stance, according to Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee. McHenry, who is set to retire at the end of the year, has prioritized digital assets legislation during his final months in Congress. The House has seen several recent cryptocurrency successes, including the passage of multiple relevant bills through McHenry's committee and the advancement of an effort to overturn Securities and Exchange Commission (SEC) crypto accounting policies.
The Financial Innovation and Technology for the 21st Century Act, or FIT21, is the most comprehensive U.S. crypto bill to progress this far through Congress. If approved in a bipartisan vote in the House, it will mark a significant achievement for the industry's efforts in Washington. 'We will have this bill on the House floor next week for a vote,' McHenry announced at the DC Blockchain Summit. 'The outcome of that vote will dictate what kind of attention it'll get in the Senate and whether or not we can get something done.'
However, the bill is not expected to find immediate acceptance in the Senate, meaning it wouldn't be on a direct path to becoming law. McHenry suggested that the so-called lame-duck session of Congress, between the November election and the end of the session, could see the legislation hitching a ride on unrelated bills.
Rep. French Hill (R-Ark.), who heads a crypto subcommittee and is among the candidates who could replace McHenry in his chairman seat, expressed optimism about the outcome of the House vote on FIT21. He cited the fact that 21 Democrats chose to vote in favor of overturning the SEC's controversial crypto accounting provision – Staff Accounting Bulletin No. 121, or SAB 121 – despite President Joe Biden's threat to veto the effort. 'I'm optimistic, and I expect strong Democratic support,' Hill said of the FIT21. 'This one is about the future.' Hill also mentioned that the bill responds to President Biden's earlier executive order calling for legislation in this area.
McHenry concurred that getting so many Democrats to defy the White House and SEC on the accounting rule was 'a significant thing.' At least one Senate Democrat – New York's Kirsten Gillibrand – has said she'll support the resolution to overturn the bulletin when it comes up for a vote on Thursday.
