The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to clarify the regulatory landscape for digital assets. The bill, which received strong bipartisan support, seeks to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in digital asset regulation.

The FIT21 Act marks a significant milestone for the crypto industry, being the first major crypto bill to clear a chamber of Congress. However, its future in the Senate remains uncertain due to lack of a counterpart bill and unclear support. The bill proposes the CFTC as the primary regulator for non-securities spot markets and aims to define what makes a crypto token a security or a commodity.

The passage of the FIT21 Act reflects broader concerns about crypto regulation in the U.S. The outcome will shape the future of digital assets in the U.S., balancing innovation with consumer protection. Despite the House's approval, the journey is far from over, with the Senate yet to debate and vote on the bill.