A bill that promises regulatory clarity for digital assets has moved a step closer to a vote in the U.S. House.

The House Committee on Rules said Friday (May 10) that it will consider the Financial Innovation and Technology for the 21st Century (FIT21) Act (H.R. 4763), which means the bill could go to a floor vote later in May, the House Financial Services Committee said in a Friday press release.

“With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets,” Patrick McHenry, chairman of the House Financial Services Committee, said in the release. “This legislation will cement American leadership of the global financial system for decades to come and bolster our role as an international hub for innovation.”

Introduced on July 20, FIT21 established federal requirements over digital assets, providing the Commodity Futures Trading Commission (CFTC) with new jurisdiction over digital commodities and clarifying the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets offered as part of an investment contract, according to the release.

The bill also establishes a process for permitting the secondary market trading of digital commodities that were initially offered as part of an investment contract and imposes requirements on entities required to be registered with the CFTC or the SEC, per the release.

Congressman French Hill, one of the legislators who introduced the bill, said in the Friday press release: “After working tirelessly across the aisle and across the nation over the past year to craft a clear, pragmatic regulatory framework for digital assets, I am proud that this landmark legislation is coming to the House floor.”

The cryptocurrency industry has long been asking Washington for more regulatory clarity, and this bill could put the sector on the road to that goal, PYMNTS reported in July when the bill was introduced.

FIT21 would delineate when a cryptocurrency is a commodity or security and assign oversight appropriately between the CFTC and the SEC.

“As the collapse of FTX demonstrated, we need strong consumer protections and a functional regulatory framework to ensure the rapidly growing digital asset ecosystem is safe for investors and consumers while securing America as a leader in blockchain innovation,” Hill said in the Friday press release.

Benzinga – by Benzinga Insights, Benzinga Staff Writer.

Hedera’s (CRYPTO: HBAR) price has decreased 3.16% over the past 24 hours to $0.11, continuing its downward trend over the past week of -5.0%, moving from $0.11 to its current price.

The chart below compares the price movement and volatility for Hedera over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 64.0% over the past week along with the circulating supply of the coin, which has fallen 0.19%. This brings the circulating supply to 35.74 billion, which makes up an estimated 71.48% of its max supply of 50.00 billion. According to our data, the current market cap ranking for HBAR is #30 at $3.80 billion.

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A cryptocurrency nonprofit has launched a political action committee (PAC) with the intent to support crypto-friendly politicians in the 2024 House and Senate elections.

What Happened: “Stand With Crypto,” a cryptocurrency nonprofit, has launched a PAC to raise funds from its 440,000 members to support a bipartisan group of candidates, Reuters reported on Wednesday. This move is part of a broader effort by the crypto industry to elect politicians who support crypto and blockchain.

This involvement comes at a time when the industry is under scrutiny, especially after FTX founder Sam Bankman-Fried was found guilty of stealing from customers.

Unlike super PACs, Stand With Crypto’s PAC is established to collect funds for candidates or political causes and cannot receive donations of unlimited size or coordinate directly with campaigns.

See Also: Tom Brady Roasted For Cryptocurrency Investment In Netflix Special: ‘Tom, How Did You Fall For That? Even Gronk Was Like—Me Know That’s Not Real Money’

“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” said Nick Carr, chief strategist at Stand With Crypto.

Why It Matters: Other crypto super PACs such as Fairshake, Defend American Jobs, and Protect Progress have already raised over $110 million this election cycle, according to Federal Election Commission records. The involvement of crypto in politics is not new. Earlier this year, the Fairshake PAC received a significant financial boost from the Winklevoss twins, founders of the Gemini crypto exchange, as part of their larger fundraising efforts.

Former U.S. President Donald Trump has also publicly endorsed cryptocurrency, declaring it a significant election issue, contrasting with President Joe Biden‘s perceived unfamiliarity with the crypto world. This endorsement has led to a surge in the MAGA Coin, a cryptocurrency themed around Trump.

Read Next: Here’s How Much $1,000 Invested In Dogecoin Would be Worth If You Invested When Elon Musk First Tweeted About DOGE

Image by Dall-E