Ethereum

2024

Bank

Biden

<a href="https://bitcoinworld.co.in/the-us-house-just-approved-its-first-major-fit21-crypto-legislation/" title="The US House Just Approved Its First Major “FIT21” Crypto Legislation" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">The US House of Representatives just passed the Financial Innovation and Technology for the 21st Century Act (FIT21), marking a significant milestone in crypto legislation.</li>
</ul>
The House voted 279-136 to <a href="https://twitter.com/jchervinsky/status/1793398130269954346" rel="noopener noreferrer nofollow">approve</a> the “FIT21” crypto bill, with 71 Democrats joining 208 Republicans in favor.
FIT21 aims to regulate the digital assets market and would empower the Commodity Futures Trading Commission (CFTC) as a key regulator alongside the Securities and Exchange Commission (SEC). The bill also includes consumer protections and provisions for stablecoins and anti-money laundering processes.
High-profile Democrats, including former House Speaker Nancy Pelosi, supported the bill, highlighting the rising bipartisan tide around crypto regulation.&nbsp;
Several amendments were considered, with only those by Reps. Brittany Pettersen (D-Colo.) and Ralph Norman (R-S.C.) passing. Pettersen’s amendment expands the Bank Secrecy Act to digital assets, while Norman’s requires a study on foreign-owned digital asset businesses.
The FIT21 legislation now moves to the U.S. Senate, where its future is uncertain due to a lack of a companion bill and unclear support.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 FIT21 passes the House 279 – 136 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;">
 House Democrats voting in favor of this bill: 71.
 That is a *huge* number of elected Democrats voting "no confidence" in the current SEC, and sending a message to the Biden administration that "anti-crypto" is a losing platform this year. <a href="https://t.co/zmlD1VRQfF" rel="noopener noreferrer nofollow">pic.twitter.com/zmlD1VRQfF</a>
 — Jake Chervinsky (@jchervinsky) <a href="https://twitter.com/jchervinsky/status/1793398130269954346?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 22, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Even if FIT21 were to pass the upper house of Congress, it would still be subject to a potential veto by President Biden, who has been critical of the bill but hasn’t confirmed any veto plans yet.&nbsp;
Whatever happens, it’s the first major non-resolution crypto bill approved by the U.S. House, marking a big political win for the crypto industry.&nbsp;
The passing of the bill’s first hurdle coincides with a seemingly thawing regulatory environment in the U.S., as Ethereum ETFs seem on the verge of approval and the Senate recently repealed a SEC-backed crypto rule.&nbsp;
If FIT21 does go on to succeed in the Senate, a new era of more sensible American crypto regulation would be decidedly within reach.
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The US House Just Approved Its First Major “FIT21” Crypto Legislation

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