On March 27, French Hill, Chairman of the House Financial Services Committee, stated at a blockchain summit in Washington that a new draft of the crypto market structure bill will be released in the coming days, which is an updated version of the "Financial Innovation and Technology for the 21st Century Act" (FIT21) passed by the House last year. The bill has not been formally introduced in the current Congress, but it was previously passed in the House with support from 71 Democratic lawmakers, including former Speaker Nancy Pelosi. Hill said that the draft has been adjusted based on "technical input" from multiple parties. The bill aims to grant the Commodity Futures Trading Commission (CFTC) more regulatory authority and funding to oversee the crypto spot market and "digital commodities" like Bitcoin, and further clarify the role of the Securities and Exchange Commission (SEC).