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On Wednesday, the crypto industry achieved a historic milestone as the US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21). The bill, which aims to establish a comprehensive regulatory framework for digital assets, was approved with bipartisan support in a 279-136 vote. This marks a significant step towards legal clarity in the crypto space. FIT21 Gets Strong Support from Lawmakers and Industry Leaders With 71 Democrats joining 208 Republicans in favor, the passage signals a growing consensus on the need for clear crypto regulations. Introduced in July 2023, the bill aims to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing cryptocurrencies. It also establishes guidelines for various aspects of the crypto market, including token issuance, trading, and custody. Several legislators have expressed their strong support for the bill’s passage. Congressman John Rose highlighted the need to move away from regulation by enforcement. “I’ve had enough of Biden Administration officials regulating by enforcement. That’s why I support FIT21, legislation that will prevent the government from standing in the way of digital innovation. The bill includes critical guardrails that will protect consumers and foster innovation,” Congressman Rose said. Additionally, Representative Wiley Nickel stressed the importance of establishing a modern regulatory framework that acknowledges the unique nature of digital assets. “FIT21 provides a clear regulatory framework for digital assets instead of relying on 90-year-old securities law written before the Internet existed. That’s a big deal. Whether you love or hate crypto, you should support regulation,” Representative Nickel stated. Read more: Crypto Regulation: What Are the Benefits and Drawbacks? Industry leaders echoed this enthusiasm. Brad Garlinghouse, CEO of Ripple, praised the bipartisan support for FIT21 and criticized the SEC’s approach to crypto regulation. “Today, more than…

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Filed under: News - @ May 23, 2024 8:26 am