US House approves comprehensive cryptocurrency FIT21 legislation
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The US House of Representatives passed a crypto regulation draft law on a bipartisan vote known as the FIT21 bill. This bill aims to provide commodities regulators with more oversight over digital assets. However, there is uncertainty about whether the bill will pass through the Senate in the next phase. President Joe Biden does not fully support the bill but has indicated that he will not veto it.
The FIT21 Act, also known as the Financial Innovation and Technology for the 21st Century Act, received bipartisan support in the House with 279 in favor and 136 in opposition. The bill promises to establish clear rules for digital assets that the crypto industry has been seeking for a long time.
Although the Biden administration expressed opposition to the bill before the vote, they did not threaten a veto, providing some relief for the industry. The bill aims to resolve the ongoing jurisdictional disputes between the Securities and Exchange Commission and the Commodity Futures Trading Commission regarding crypto assets.
The next challenge for the FIT21 bill lies in the Senate, where priorities may change due to upcoming elections. Despite potential roadblocks, the bipartisan support for the bill signifies a significant milestone in crypto policy and legislation in the United States.
The bill outlines definitions for crypto assets and delineates responsibilities between the CFTC and SEC. It would grant the CFTC more authority over the sector, providing a much-needed regulatory framework for the industry. However, critics, including some Democrats, raised concerns about the bill’s impact on consumers and investors.
Industry experts and associations have shown support for the bill, emphasizing the need for clear regulatory guidelines to foster innovation and protect consumers. Despite the potential challenges ahead, the passage of the FIT21 bill in the House represents a crucial step towards regulating the digital assets market in the United States.
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