PANews reported on May 21 that Politico journalist Eleanor Mueller stated on the X platform: "To my knowledge, the House Democratic leadership today indicated that they will not force House Republican members to oppose the cryptocurrency bill. The 'whip notice' sent to members this morning pointed out that Representatives Maxine Waters and David Scott 'strongly oppose' the bill but did not urge them to vote 'no.' I am told that floor debate and passage will take place on Wednesday. Waters, Lynch, and Casten held a virtual briefing for members today. Waters will hold another meeting with SEC officials tomorrow. Waters and Scott also just sent a letter to their colleagues about the bill: it links to a fact sheet warning that the 'more lenient regulatory regime' under the Commodity Futures Trading Commission (CFTC) and the 'significant loopholes' present could lead to some areas 'having no primary regulator.'

According to the documents shared by Mueller, the aforementioned cryptocurrency bill refers to the "21st Century Financial Innovation and Technology Act" (FIT21), which will be voted on in the U.S. House of Representatives this week. Previous reports indicated that the legislation will clarify how the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) will regulate digital assets, aiming to provide a clear regulatory framework for digital assets and address long-standing market regulation and consumer protection issues.

Related reading: A 5-minute overview of the main contents of the latest U.S. cryptocurrency bill FIT21