Several Democrats also invoked Sam Bankman-Fried, his push last year to shift more crypto regulation to the CFTC, and the collapse of FTX in opposing the bill.“I am confident that this legislation, while not perfect, makes the status quo better,” said Rep. Jim Himes, D-Conn.
In a last-minute bid to gain more Democratic votes on the crypto market bill, House Republicans added $120 million in funding to the Commodity Futures Trading Commission for additional resources to oversee spot markets for digital assets, like bitcoin, that would fall under the commodities regulator’s jurisdiction if the bill were to become law, though the funding in the bill is redirected from the SEC in order to keep the bill deficit-neutral, which some Democrats objected to.
Rep. David Scott, D-Ga., who sits on the Financial Services Committee but is the top Democrat on the House Agriculture Committee, previewed how a similar debate and vote is likely to proceed in that committee tomorrow.Debate remains ongoing for the bill, with amendments being offered to change its substance. Votes will take place on those, as well as the underlying bill itself, in the Financial Services Committee later on Wednesday.