Us House of Representatives McHenry said that the crypto Market Structure Bill will receive a full House vote

According to Rep. Patrick McHenry, a bill to set up a regulatory system for the U.S. crypto market is nearing a vote in the full House of Representatives, although it could mark the end of that effort. The bill, known as FIT21, seeks to set up a system to regulate the U.S. crypto market and is now headed for a vote in the House of Representatives, although it could mark the end of that effort.

The House Rules Committee has approved a vote on the bill next month, which could propel it to become the culmination of crypto legislation in the United States. McHenry said the most comprehensive U.S. crypto legislation to date to make it through a congressional committee is about to take an even bigger step, with the entire House set to vote soon on whether to approve it. That's because his House Financial Services Committee already passed the 21st Century Financial Innovation and Technology Act (FIT21) last year on a bipartisan vote, with the support of a handful of Democratic sponsors despite opposition from Rep. Maxine Waters of California, who sits on the bill's rating committee. The bill has been approved by the House Agriculture Committee, and it will now be up to the full House to vote on whether to approve it.

The North Carolina lawmaker, who said the bill was "the culmination of years of bipartisan effort," will retire at the end of the year and has made crypto legislation one of his priorities as he leaves office. "With the full House vote announced today, Congress will take a historic step toward establishing a clear regulatory framework for the digital asset market," McHenry said in a statement. "This legislation will solidify America's leadership in the global financial system and strengthen our role as an international hub for innovation."

While getting the legislation this far is an improvement in a highly partisan and confrontational Congress, the bill is unlikely to gain similar action in the Senate, which is necessary for the Senate to approve legislation and send it to the president to sign into law. The bill is unlikely to find similar action in the Senate, though senators have recently shown some willingness to find a path for another piece of crypto legislation