House of Representatives Approves Landmark Crypto Regulation Bill
The crypto industry scored a major victory on Wednesday as the U.S. House of Representatives approved a groundbreaking bill aimed at regulating digital assets markets. The Financial Innovation and Technology for the 21st Century Act (FIT21) passed with a 279-136 vote, with Democrats and Republicans coming together to support the legislation.
This marks the first time a significant crypto bill has made it through one of the chambers of Congress, signaling a potential shift in the regulatory landscape for digital assets. The bill will now move to the U.S. Senate, where its fate is uncertain due to the lack of a counterpart bill and unclear support for such measures.
Despite the win in the House, the road to implementing comprehensive crypto regulations is far from over. The U.S. has lagged behind other countries in establishing clear guidelines for the crypto industry, and the passage of FIT21 is just the first step in addressing this issue.
Supporters of the bill, like Rep. Josh Gottheimer, emphasized the need for regulatory clarity in the crypto space. He described the legislation as “well-reasoned, thoughtful, bipartisan” and urged collaboration to make it a reality.
However, not everyone is on board with the bill. President Joe Biden and SEC Chair Gary Gensler have voiced their opposition, citing concerns about the impact on existing securities regulations. Rep. Maxine Waters also criticized the legislation, arguing that it could let crypto businesses off the hook for unlawful activities.
The bill, driven largely by House Republicans, aims to establish a regulatory framework for the U.S. crypto markets, including consumer protections and oversight by the Commodity Futures Trading Commission (CFTC). It also seeks to clarify the classification of crypto tokens as securities or commodities.
Before the vote, the House debated several amendments to the bill, with some changes being adopted while others were defeated. The passage of FIT21 represents a significant milestone for the crypto industry in the U.S., but the battle for comprehensive regulations is far from over.
