On May 22, the US House of Representatives voted to pass a landmark bill to establish a clear legal framework for the cryptocurrency market.

With 279 votes in favor and 136 votes against, the Financial Innovation and Technology Bill for the 21st Century (FIT21 – H.R.4763) received support from both the Democratic and Republican Parties. Specifically, 71 Democratic congressmen joined 208 Republican congressmen in voting in favor of the bill.

FIT21, if passed by the Senate and signed into law by the President, would clearly define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in market oversight This.

Voting results for FIT21. Source: US House of Representatives

Speaking before the vote, Rep. Patrick McHenry said: “Unfortunately, our current regulatory framework is preventing digital asset innovation from reaching its full potential. The SEC and CFTC are currently fighting for control of these assets.”

However, the bill also faced opposition from some Democratic lawmakers. Rep. Maxine Waters believes that FIT21 will push cryptocurrencies into a “lawless land,” allowing traditional financial companies to operate without SEC oversight.

Ms Waters commented: “This is probably the worst and most dangerous proposal I have seen in a long time. This bill would deregulate cryptocurrencies and some traditional securities to such an extent that I and other experts have serious concerns that it could cause a market crisis and recession.”

It is expected that the House of Representatives will continue to discuss and vote on the Bill to Prevent State Supervision of Central Bank Digital Currencies (H.R. 5403), aimed at preventing the Federal Reserve from issuing digital dollars. digitally through intermediaries.

The move by the House of Representatives comes as the SEC is considering an application to register a spot Ethereum ETF and the 2024 US Presidential election is approaching, while cryptocurrency is a topic of interest to many voters. In particular, just yesterday, Former President Donald Trump became the first US Presidential candidate to accept cryptocurrency donations for his re-election campaign.