On Friday, The House Rules Committee scheduled two cryptocurrency bills for a floor vote, including the Financial Innovation and Technology for the 21st Century Act (H.R. 4763). The legislation, which will be brought up for a vote next week, divides oversight of the digital assets industry between the CFTC and the SEC and marks the first time a full chamber of Congress has brought crypto legislation to the floor for a vote. H.R. 4763 passed out of the House Financial Services Committee and Agriculture Committee with bipartisan support.

“Given that roughly 20% of Americans have invested, traded, or used cryptocurrency, strong federal oversight of the crypto sector is long overdue,” said Kyle Bligen, Director of Financial Policy. “This legislation provides much-needed consumer protection for crypto users and regulatory clarity for industry by filling the gaps between the SEC and CFTC and by strengthening accountability frameworks for digital asset companies.”

The Financial Innovation and Technology for the 21st Century Act expands the authority of the CFTC and SEC, giving them joint oversight over all digital assets, allowing them to issue joint rulemakings, and ensuring market safety and investor protection. 

The CBDC Anti-Surveillance State Act (H.R. 5403), which would prohibit the use of central bank digital currency for monetary policy, is also slated for a vote next week. 

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