The US House of Representatives has passed the FIT21 bill, which establishes a regulatory framework for cryptocurrencies.
The bill received bipartisan support with 279 votes in favor and 136 against.
The bill will then go to the Senate and faces an uncertain future.
On Wednesday, the crypto industry reached a historic milestone: the U. S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21).
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. This is an important step towards legal clarity on #cryptocurrencies .
71 Democrats and 208 Republicans supported the bill's passage, indicating a growing consensus on the need for clear regulation of cryptocurrencies. Introduced in 2023-2027, the bill seeks to define the role of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing cryptocurrencies. It also establishes rules for various aspects of the cryptocurrency market, such as issuing, trading and storing tokens.
Several lawmakers have voiced their support for the bill's passage. Congressman John #Rose emphasized the need to move away from regulation through enforcement.
I'm fed up with Biden administration officials forcibly regulating this. That's why I support the fit21 Act, which prevents governments from interfering with digital innovation. The bill provides significant restrictions that protect consumers and promote innovation," said Congressman Rose.
Additionally, #Rep . Wiley Nickel emphasized the importance of creating a modern regulatory framework that takes into account the unique nature of digital assets.
FIT21 provides a clear regulatory framework for digital assets, rather than relying on the 90-year-old Securities Act, written before the advent of the Internet. That's a big deal.
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