The US House of Representatives has passed the FIT21 (HR 4763) bill, which aims to clarify whether a token is a security or a commodity, defining the responsibilities of the SEC and CFTC. The bill still needs to pass the Senate and receive President Joe Biden's signature to become law. While the Biden administration has indicated it will not veto the bill, it has suggested refinements to protect investors. However, SEC Chairman Gary Gensler has expressed strong opposition to the bill. This development has significant implications for the cryptocurrency and tokens market, as it could impact how they are regulated and classified.