Several U.S. House Democrats petition their colleagues to support cryptocurrency bill

The US House of Representatives will vote on the "21st Century Financial Innovation and Technology Act" (FIT21) on Wednesday, which is expected to receive bipartisan support. Eight Democratic lawmakers, including Wiley Nickel, Yadira Caraveo, Jim Himes, Jasmine Crockett, Ritchie Torres, Darren Soto, Josh Gottheimer, and Don Davis, are pushing their colleagues to support the bill, believing that it is an important opportunity to regulate the digital asset market.

FIT21 aims to establish a clear regulatory framework for digital assets in the United States, including consumer protection, disclosure requirements, and the use of cryptocurrencies in illegal finance. This is the first comprehensive cryptocurrency legislation to be voted on in Congress.

Although there is bipartisan support in the House of Representatives, progress in the Senate has been slow. Relevant committees are trying to find common ground to push for legislation before the end of this Congress. Consumer advocates oppose the bill, believing that it does not provide sufficient consumer protection. Supporters emphasize the urgency of legislation, believing that the existing regulatory environment has led to cryptocurrency companies leaving the United States.

FIT21 has already passed through two House committees and has gained support from some Democrats. Although major Democratic leaders Maxine Waters and David Scott are opposed, they will not organize a vote against it.