US House of Representatives Democrats Won’t Have to Vote Against 2 Crypto Bills

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The House Democrats have been informed that they will not be pressured into voting against two upcoming bills related to cryptocurrencies, even though they are being strongly encouraged to do so.

An email dated May 20 from Democratic leaders to House members, shared by POLITICO, showed that the party did not explicitly urge a “no” vote on the Republican-led bills: the Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act, also known as H.R. 4763 and H.R. 5403, respectively.

These bills have been seen as beneficial for the cryptocurrency industry if passed. FIT21 seeks to solidify the process for determining whether a cryptocurrency is classified as a commodity or security, and would largely give regulatory control of the industry to the Commodity Futures Trading Commission.

The bill has received support from the US crypto industry and lobbyists, with 60 companies signing a letter urging the House to pass it.