House Majority Whip Tom Emmer has reintroduced a bill that could be a "precursor" to market structure legislation that lawmakers hope to pass into law.
Reps. Emmer, R-Minn., and Darren Soto, D-Fla., reintroduced the Securities Clarity Act on Wednesday. The act aims to provide clear standards for the digital asset industry.
"Entrepreneurs need clarity to calculate risk accurately, create new investment opportunities and grow our economy," Emmer said in a statement. "Our legislation will help provide these answers and allow American investors to fully participate in digital asset technology without sacrificing consumer protections.”
The bill aims to distinguish between a digital asset and the securities contract it may be associated with, allowing"digital asset projects to reach their full potential in a regulatory-compliant way", to according to the statement.
"Specifically, the Securities Clarity Act specifies that any asset sold as the object of an investment contract, now defined as an 'investment contract asset' is distinct from the securities offering it was originally a part of," lawmakers said.
The bill was included in the text of a large market structure bill called the Financial Innovation and Technology for the 21st Century Act, or FIT21, according to the statement. That bill passed out of the House last year with 71 Democrats voting in support of the bill, including former Speaker of the House Rep. Nancy Pelosi of California.
House Financial Services Committee Chair French Hill, R-Ark., said on Wednesday at The Digital Chamber DC Summit that a revised draft of FIT21 could be coming "in the next few weeks."
Ron Hammond, senior director of government relations at the Blockchain Association, told The Block that the bill's reintroduction could serve as a "bipartisan precursor" to broader legislation. He called the Securities Clarity Act a key step toward the eventual market structure bill that Congress is expected to unveil in the coming weeks.
Hammond also noted bipartisan support in Washington following votes to repeal a controversial tax rule that garnered some Democratic support, including from Senate Minority Leader Chuck Schumer.
"Fair to say this continued momentum will be evident in the eventual crypto votes in Congress,” Hammond said.
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