PANews, May 22 - According to CoinDesk, the U.S. House of Representatives is set to vote on Wednesday on comprehensive cryptocurrency legislation, which is expected to pass with bipartisan support—a significant milestone for the industry. Some Democrats are urging their colleagues to vote in favor. According to a memo shared by congressional aides, at least eight House Democrats have publicly supported the Financial Innovation and Technology Act of the 21st Century (FIT21) and may recruit more supporters. The bill is currently scheduled for a full discussion and vote later on Wednesday.

"As Democrats, we see this as an important opportunity to regulate the digital asset market," the eight lawmakers wrote in an internal memo on Tuesday, requesting their colleagues' support. "This should not be a partisan issue," said the lawmakers, including Representatives Wiley Nickel (D-NC), Yadira Caraveo (D-CO), Jim Himes (D-CT), Jasmine Crockett (D-TX), Ritchie Torres (D-NY), Darren Soto (D-FL), Josh Gottheimer (D-NJ), and Don Davis (D-NC).

However, despite bipartisan support in the House, this effort further highlights the lack of similar progress in the Senate, where cryptocurrency market structure legislation may fail. To this end, senior staffers responsible for the bill from the House Financial Services Committee and Agriculture Committee said on Tuesday that they are increasingly discussing the matter with their Senate counterparts but are also willing to consider the bill as a potential legislative tool as this Congress session nears its end.