U.S. House of Representatives to Release Draft Revised Crypto Market Structure Bill Soon

A new draft revision of the Crypto Market Structure Act, an updated version of the ‘Financial Innovation and Technology for the 21st Century Act’ (FIT21) passed by the House of Representatives last year, will be released in the coming days, French Hill, chairman of the US House of Representatives' Financial Services Committee, said at the Blockchain Summit in Washington. The bill has not yet been formally introduced in the current Congress, but was passed in the House last year with the support of 71 Democratic members, including former Speaker Nancy Pelosi.Hill said the current draft has been tweaked in light of multiple technical comments. The bill proposes to give the Commodity Futures Trading Commission (CFTC) more regulatory authority and funding to oversee the crypto-spot market with digital commodities, such as Bitcoin, and to further clarify the role of the Securities and Exchange Commission (SEC).