A major announcement about crypto was made by the Agriculture Committee of the United States House of Representatives

The “big cryptocurrency news” that had been teased on Twitter by the US House Agriculture Committee has been released.

The Agriculture Committee of the United States House of Representatives has introduced new legislation to provide uniform and thorough guidelines for cryptocurrency regulation throughout the country.

A few minutes earlier, the committee, led by Chairman Glenn Thompson, tweeted about “big cryptocurrency news coming soon,” and then they tweeted about the Financial Innovation and Technology Act for the 21st Century, or FIT Act for short.

The FIT Act is supported by the Committee and many members of the House Financial Services Committee because it would give the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) a joint mandate to regulate digital assets, safeguard consumers and investors, encourage creativity and growth, and establish the United States as a global leader in finance and technology.

The measure is being introduced at a time when the cryptocurrency business in the United States lacks regulatory clarity and confidence.

Proponents of the FIT Act argue that it would avoid future frauds like FTX, address current jurisdiction gaps, and assure US leadership in digital asset innovation.

The Financial Services and Agriculture Committees in the House of Representatives are planning to examine the measure next week.

Also Read: Van Bourg of Cumberland considers Ethereum’s competition to be “dead on arrival”