23 MAY 2024
US House of Representatives approved FIT21 with bipartisan support
Democratic and Republican legislators in the United States House of Representatives voted in favor of the Financial Innovation and Technology for the 21st Century Act.
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NEWS
A majority of members of the United States House of Representatives voted in favor of legislation to establish regulatory clarity on digital assets.
In a 279-136 vote on May 22, House lawmakers passed H.R. 4763, or the Financial and Technology Innovation for the 21st Century (FIT21) Act. If passed by the Senate and signed into law, the bill clarifies the roles that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have over digital assets. Seventy-one Democrats joined 208 Republicans in voting in favor of the bill.
âUnfortunately, our current regulatory framework is preventing digital asset innovation from reaching its full potential,â Rep. Patrick McHenry said before the House vote. âThe SEC and CFTC are currently in a fight for control of these asset classes.â
ïżŒVote on FIT21. Source: U.S. House of Representatives
Rep. Maxine Waters, also speaking before the floor vote, said she intended to oppose the legislation. He claimed that the FIT21 bill would send cryptocurrencies into âregulatory limbo,â adding that the language would allow traditional financial firms to operate without SEC oversight.
