🚀U.S. House Approves Crypto FIT21 Bill With Wave of Democratic Support

The U.S. House of Representatives passed the "21st Century Financial Innovation and Technology Act" (FIT21) with a vote of 279 to 136. Seventy-one Democrats and 208 Republicans voted in favor, while three Republicans and 133 Democrats opposed. The passage of this bill marks the most significant legislative achievement for the cryptocurrency industry in Congress, and it will now move to the Senate for a vote.

FIT21, primarily driven by House Republicans, aims to establish regulatory frameworks for the U.S. cryptocurrency market, introduce consumer protections, designate the Commodity Futures Trading Commission (CFTC) as the primary regulatory authority for digital assets and non-securities spot markets, and provide clearer definitions for the standards that classify cryptocurrencies as securities or commodities.

Note: In the United States, legislation typically needs to pass through both the House of Representatives and the Senate, two chambers of Congress, to become law.

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