BlockBeats News, March 27th, during a blockchain summit held in Washington, D.C., French Hill, Chairman of the House Financial Services Committee, stated that a revised draft of the new Cryptocurrency Market Structure Reform Act will be released in the next few days. This is an updated version of last year's House-passed "Financial Innovation and Technology Act of the 21st Century" (FIT21). The bill has not yet been formally introduced in this Congress, but it received support in the House last year with 71 Democratic lawmakers, including former Speaker Nancy Pelosi. Hill mentioned that the draft has been adjusted based on various "technical opinions." The bill aims to grant the Commodity Futures Trading Commission (CFTC) more regulatory power and funding to oversee the cryptocurrency spot market and "digital commodities" such as Bitcoin, and further clarify the role of the Securities and Exchange Commission (SEC).
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