- 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.
The House voted 279-136 to approve 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.
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.
FIT21 passes the House 279 – 136
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. pic.twitter.com/zmlD1VRQfF
— Jake Chervinsky (@jchervinsky) May 22, 2024
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.
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.
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thawing regulatory environment in the U.S., as Ethereum ETFs seem on the verge of approval and the Senate recently repealed a SEC-backed crypto rule.
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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