Odaily Planet Daily News: The U.S. House of Representatives recently passed the bipartisan crypto bill "Financial Innovation and Technology Act of the 21st Century" (FIT21), but it should be noted that the bill is far from becoming law. Policy observers say the bill is unlikely to be passed in the U.S. Senate. At the same time, the White House, U.S. SEC Chairman Gary Gensler and a group of lawmakers have also made harsh remarks about the bill. But after years of regulatory and corporate struggles, the crypto community sees it as a victory. Especially the builders behind decentralized platforms, which are often ignored by the existing legal framework. Under FIT21, fully decentralized digital assets will qualify as commodities. One of the criteria is that the issuer or so-called associated person cannot hold more than 20% of the tokens and project voting rights. Centralized tokens that do not meet this condition will be deemed securities. Therefore, they will fall under the jurisdiction of the SEC (while decentralized tokens will be regulated by the CFTC). Rashan Colbert, policy director of decentralized trading platform dYdX Trading, said the regulation is "almost" clear for the crypto industry. He said: "It may be difficult for industry participants to meet different decentralization thresholds, and this back and forth between the two regulators may be very cumbersome in practice." Colbert also said that it is unusual for the CFTC to regulate the spot market for commodities. Still, it is a big step - especially for DeFi projects. He added: "This bill gives us more comfort because we know we have clear authority to continue doing what we are currently doing, which is what the industry really wants right now." (DL News)