A defining moment in the future of digital currencies...an important decision from the US House of Representatives!
On Wednesday, the cryptocurrency industry achieved a historic milestone as the US House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Act.
The bill, which aims to create a comprehensive regulatory framework for digital assets, was approved with bipartisan support by a vote of 279 to 136.
With 71 Democrats joining 208 Republicans in favor, this bill indicates a growing consensus on the need for clear cryptocurrency regulations.
The bill, introduced in July 2023, aims to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing cryptocurrencies. It also sets guidelines for various aspects of the cryptocurrency market, including token issuance, trading and custody.
Many lawmakers have expressed strong support for passing the bill. Congressman John Rose highlighted the need to move away from regulation through enforcement.
In addition, Representative Wiley Nickel stressed the importance of creating a modern regulatory framework that recognizes the unique nature of digital assets.
On the other hand, Ripple CEO Brad Garlinghouse praised the bipartisan support for the legislation and criticized the SEC's approach.
