{"id":20938,"date":"2024-05-21T11:30:39","date_gmt":"2024-05-21T08:30:39","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20938"},"modified":"2024-05-21T09:15:05","modified_gmt":"2024-05-21T06:15:05","slug":"democrats-urge-caution-but-wont-enforce-no-vote-on-crypto-bills","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/democrats-urge-caution-but-wont-enforce-no-vote-on-crypto-bills\/","title":{"rendered":"Democrats Urge Caution but Won\u2019t Enforce \u2018No\u2019 Vote on Crypto Bills"},"content":{"rendered":"<p>Two pro-crypto bills set for vote this week do not have to be blocked by <strong>House Democrats<\/strong> although their leaders recommend doing so, a leaked email reveals.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/democrats-urge-caution-but-wont-enforce-no-vote-on-crypto-bills\/#Democrats_Voice_Concerns_Over_FIT21_and_CBDC_Bills\" title=\"Democrats Voice Concerns Over FIT21 and CBDC Bills\">Democrats Voice Concerns Over FIT21 and CBDC Bills<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/democrats-urge-caution-but-wont-enforce-no-vote-on-crypto-bills\/#Legal_and_Economic_Implications_Highlighted_by_Democratic_Leaders\" title=\"Legal and Economic Implications Highlighted by Democratic Leaders\">Legal and Economic Implications Highlighted by Democratic Leaders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/democrats-urge-caution-but-wont-enforce-no-vote-on-crypto-bills\/#Impending_Debate_and_Vote\" title=\"Impending Debate and Vote\">Impending Debate and Vote<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Democrats_Voice_Concerns_Over_FIT21_and_CBDC_Bills\"><\/span>Democrats Voice Concerns Over FIT21 and CBDC Bills<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A May 20 Democratic leaders\u2019 email to House members, obtained by POLITICO, shows that the party is not whipping the vote against the Republican-led Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act (H. R. 4763 and H. R. 5403)<strong>.<\/strong> This legislation is considered positively in the crypto industry.<\/p>\n<p>The FIT21 Act seeks to outline a better approach for determining whether a cryptocurrency is a commodity or a security, giving most regulatory power to the Commodity Futures Trading Commission (CFTC). Robust support was shown for FIT21 by 60 companies\u00b4 crypto industry in a letter of May 16 urging the House to pass the bill.<\/p>\n<p>In contrast, the CBDC Act is aimed at prohibiting the Federal Reserve from creating a <a href=\"https:\/\/coinengineer.net\/blog\/chinas-cbdc-struggles-with-adoption-amid-privacy-concerns\/\">Central Bank Digital Currency (CBDC),<\/a> a move that has attracted the criticism of some of the Democratic leaders. Waters and Scott in plain language declared on FIT21 that they stand against it, the former also opposing the CBDC Act. Waters and Scott\u2019s letter, later obtained by POLITICO, requests a vote against FIT21.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Legal_and_Economic_Implications_Highlighted_by_Democratic_Leaders\"><\/span>Legal and Economic Implications Highlighted by Democratic Leaders<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Democratic leaders took issue with the FIT21\u2019s element <strong>allowing digital commodities to be traded in secondary markets if they were originally marketed as an investment contract security.<\/strong> They contend that this erodes the fundamentals of established legal precedents, leading to instability in conventional securities markets.<\/p>\n<p><strong>\u201cThis language erodes years of legal precedents and case law, thus introducing confusion into our tried and true securities market,\u201d<\/strong> the email said. Moreover, it was mentioned that investors\u2019 protection would become less strong and market manipulation would be possible as the bill grants a \u201csafe harbor\u201d that might protect entities from regulatory review until the rules are updated by SEC and CFTC.<\/p>\n<p>As to the CBDC Act, Democratic leadership thinks that not allowing for the creation of a CBDC may lead to the loss of the U.S. dollar dominance worldwide. They caution that other countries that develop their CBDCs may, in turn, evade sanctions, and the <strong>Congressional Budget Office (CBO)<\/strong> emphasized that the broad definition of CBDC in the bill may impede the monetary policy efforts of the Federal Reserve.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impending_Debate_and_Vote\"><\/span>Impending Debate and Vote<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to POLITICO\u2019s Eleanor Mueller, floor discussion and passage of FIT21 are expected on Wednesday, May 22. Despite the resistance of the key Democratic leaders, the party will not whip a block \u2018no\u2019 vote against these bills.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two pro-crypto bills set for vote this week do not have to be blocked by House Democrats although their leaders recommend doing so, a leaked email reveals. Democrats Voice Concerns Over FIT21 and CBDC Bills A May 20 Democratic leaders\u2019 email to House members, obtained by POLITICO, shows that the party is not whipping the<\/p>\n","protected":false},"author":6,"featured_media":20939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[6033,6251,1567],"class_list":["post-20938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-crypto-regulation","tag-house-democrats","tag-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Democrats Urge Caution but Won\u2019t Enforce \u2018No\u2019 Vote on Crypto Bills - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Democratic leaders advise against but won\u2019t enforce opposition to Republican-led crypto bills, FIT21 and CBDC Act, up for a House vote this week, highlighting legal and economic concerns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/democrats-urge-caution-but-wont-enforce-no-vote-on-crypto-bills\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democrats Urge Caution but Won\u2019t Enforce \u2018No\u2019 Vote on Crypto Bills - 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