Written by: 0xjs & kimi The U.S. Congress is about to vote on the latest encryption bill. On May 10, 2024, the U.S. House of Representatives Rules Committee stated that the U.S. House of Representatives will vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) this month. A16z partner Dixon wrote on May 15, "In the next two weeks, the House of Representatives will vote on FIT21, the most important crypto bill to date. We have long called for clear regulation to protect consumers and innovation, and the FIT21 bill will do this. Americans have accepted digital assets, but current regulatory approaches often restrict innovation and privacy without truly addressing the solutions needed to protect consumers or combat illegal activities. FIT21 will help eliminate scams, ensure oversight of cryptocurrency exchanges, and protect American consumers by imposing strict rules on cryptocurrency transactions. FIT21 has bipartisan support because it addresses these issues. I encourage everyone who believes in the power of blockchain technology to support this legislation." On July 20, 2023, House Agriculture Committee Chairman Glenn "GT" Thompson, Congressman French Hill, Congressman Dusty Johnson, Whip Tom Emmer, and Congressman Warren Davidson initiated HR 4763, the 21st Century Financial Innovation and Technology Act (FIT21). House Financial Services Committee Chairman Patrick McHenry is one of the co-sponsors of the legislation. FIT21 establishes clear and practical federal requirements for digital asset markets. It provides strong consumer protection and regulatory clarity for the digital asset ecosystem to thrive in the United States, consolidates the United States' leadership in the future global financial system, and strengthens our role as an innovation center. The legislation gives the U.S. Commodity Futures Trading Commission (CFTC) new jurisdiction over digital commodities and clarifies the U.S. Securities and Exchange Commission (SEC)'s jurisdiction over digital assets as part of investment contracts. In addition, the bill establishes a process to allow digital commodities to be traded in the secondary market (if they were originally offered as part of an investment contract).Finally, FIT21 imposes comprehensive customer disclosure, asset protection, and operational requirements on all entities that need to register with the CFTC and/or SEC. The FIT21 bill is 253 pages long, and Golden Finance reporters use Kimi to summarize the bill. The 21st Century Financial Innovation and Technology Act (H.R. 4763) is a bill aimed at regulating and promoting digital assets and blockchain...