Nancy Pelosi could support a Republican-led tilt at crypto regulation

The former House of Representatives speaker Nancy Pelosi is reportedly exploring the option to back a proposed crypto bill filed by the GOP

Nancy Pelosi and the Republicans have had a hard time seeing eye-to-eye on most political issues, but a crypto bill filed by the GOP may change that as Pelosi is seriously considering landing her support and bringing more hands-on board in a bid to pass what is largely seen as a vital piece of legislation.

The Financial Innovation and Technology for the 21st Century Act (FIT21) will need broad support from all political actors in order to have success. A possible floor vote could happen as early as today, Wednesday, May 22. The legislation could have a very important role in helping break down the industry and what companies can and cannot do beyond doubt.

For one, FIT21 could help clarify how the US Securities and Exchange Commission and the Commodity Futures Trading Commission regulate the sector. A big point of contention is the 90-year-old Howey test which should determine what assets are commodities and what assets are securities.

FIT21 is not the latest high-handed attempt by lawmakers to waddle on matters that they do not fully comprehend, as it’s the upshot of extensive consultation and input from the industry itself. As a result, the draft bill is actually welcomed by crypto players as the clarity and breath of freedom that companies need to understand how things work.

“The bill delivers what the industry has sought for some time: a regulatory regime mostly dominated by the CFTC, which has been far more accommodating of the industry,” said Mark Hays, a senior policy analyst on fintech with Americans for Financial Reform, speaking to The American Prospect, which broke the report about Pelosi’s supposed embrace of the bill.

Yet, not everyone is excited about the bill and its possible passage. The anti-crypto cohort amidst Democrats has cautioned that should FIT21 go ahead and is actually passed into law it could significantly harm the decades of regulation established to help regulate the financial sector, giving an unwieldy advantage to the crypto sector instead.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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