In a huge development for the digital currency sector, Congressman Patrick McHenry, chair of the House Financial Services Committee, said that the U.S. House of Representatives will vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act. The House Rules Committee has agreed to go forward with the bill, which aims to create clear, federal guidelines for digital assets, strong consumer protections, and a fostering environment to support the growth of the digital asset ecosystem in the United States. Supporting the bill is Mark Cuban, who has said he favors the potential reduction of regulatory ambiguity, moving this legislation a good first step toward consolidating oversight from the Commodity Futures Trading Commission and the Securities and Exchange Commission over digital commodities and digital assets, respectively.

The FIT21 Act comes with a lot of jostling that also has been helped by the House Agriculture Committee. This is happening at a time when McHenry declared his intention to retire at the end of his term. The bill moving to the House floor for a vote is groundbreaking for the cryptocurrency space and might likely lead to a change that can improve future legislative attempts in the Senate.

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