House Passes Landmark Crypto Bill Marking 'Historic Day' for Americans

The U.S. House of Representatives has approved the Financial Innovation and Technology for the 21st Century (FIT21) Act for the regulation of crypto assets despite opposition from President Joe Biden and SEC Chair Gary Gensler. This landmark legislation secured a bipartisan approval with a vote of 279 to 136. “FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress,” said Congressman French Hill.

‘Today Is a Historic Day for American Consumers, Investors, and Innovators’

The House of Representatives has passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), a significant piece of legislation aimed at establishing a regulatory framework for digital assets.

Despite facing resistance from President Joe Biden and SEC Chair Gary Gensler, the bill, introduced by Representatives French Hill, Glenn “GT” Thompson, Dusty Johnson, Tom Emmer, and Warren Davidson in July last year secured a bipartisan victory with a vote of 279 to 136. Congressman Patrick McHenry co-sponsored of the legislation.

Following the House vote, Rep. Hill remarked on “his landmark legislation to establish a regulatory framework for digital assets,” declaring:

Today is a historic day for American consumers, investors, and innovators. I applaud the House’s bipartisan passage of FIT21, which crafts a ‘fit for purpose’ regulatory framework for digital assets that protects consumers and investors while securing the United States as a leader in blockchain innovation.

“This legislation passed in a bipartisan manner, signaling that consumer protection and American innovation are priorities for lawmakers on both sides of the aisle … FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress, and I remain committed to pushing this legislation forward until it becomes law,” Hill added.

Earlier today, Gensler publicly opposed the FIT21 Act. Concurrently, the White House expressed opposition to the bill ahead of the House vote but indicated a willingness to collaborate with Congress to establish a balanced regulatory framework for cryptocurrencies.

What do you think about the House of Representatives passing the FIT21 crypto bill despite opposition by the Biden administration and SEC Chair Gary Gensler? Let us know in the comments section below. #Write2Earn