US Passes Bill to Regulate Crypto

The House of Representatives passed the FIT21 Act on Wednesday with a 279-136 vote, aimed at establishing a clear regulatory framework for crypto assets.

The bill received support from both Democrats and Republicans, with 71 Democrats joining 208 Republicans to vote in favor.

The Crypto Council for Innovation expressed its belief that this vote highlights the bipartisan nature of digital assets and underscores how the FIT21 bill can improve the current regulatory landscape.

According to House Financial Services Committee Chair Patrick McHenry, FIT21 will solidify the US’s position as a global leader in technology innovation, invention, and adoption. This follows the Senate’s decision to repeal the Securities and Exchange Commission’s SAB121 rule.

However, SEC Chair Gary Gensler expressed concern over FIT21, stating that it poses a threat to investor protection and could undermine decades of precedent in overseeing investment contracts. He believes that its passage would create regulatory gaps and put investors and capital markets at significant risk.