Sweeping FIT21 Crypto Bill Passes
The post Sweeping FIT21 Crypto Bill Passes appeared on BitcoinEthereumNews.com.
The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) by a resounding 279 to 136 vote. The bill, seen as a major win for the crypto industry, aims to establish a long-awaited regulatory framework for digital assets in the US. FIT21: Bipartisan Support, But Hurdles Remain FIT21 received a boost from an unlikely source – former House Speaker Nancy Pelosi. In a move defying expectations, Pelosi championed the bill, calling it a “first step” towards regulating the burgeoning crypto space. This bipartisan support, with 71 Democrats joining forces with 208 Republicans, marks a historic moment for the industry. However, champagne corks are likely to stay popped for now. The bill faces a much tougher challenge in the Senate, where crypto regulation remains uncharted territory. While the recent shift in the House towards crypto-friendliness might offer some hope, convincing the Senate and the Biden administration will be an uphill battle. Regulators Wary, President Threatens Veto Both the SEC and the White House have expressed concerns about FIT21. The SEC, led by Chair Gary Gensler, believes the current bill lacks sufficient consumer protection measures and argues that existing regulations can be applied to crypto. The White House, echoing these concerns, called for a more comprehensive approach and a framework built on “existing authorities.” President Biden has even threatened to veto the bill in its current form. As of today, the market cap of cryptocurrencies stood at $2.5 trillion. Chart: TradingView.com A Fight For Clarity: Crypto Vs. Regulation The passage of FIT21 signifies a turning point in the ongoing saga of US crypto regulation. For over a decade, the industry has operated in a grey area, hindering innovation and investor confidence. Proponents of FIT21 believe the bill will provide much-needed clarity, allowing businesses to operate with…
Filed under: News - @ May 23, 2024 5:12 pm