đ„ BIG NEWS: FIT 21 (H.R. 4763 - Financial and Technological Innovation Bill for the 21st Century - creating a legal foundation for crypto) has passed the House of Representatives.
278 YEA (for) - 136 NAY (against)
This bill originates from the Republican Party, meaning many Democrats support it.
The bill clarifies how digital assets are classified, stating that the mere existence of an investment contract does not make a token a security and that many projects are "sufficiently decentralized" and therefore , nor are they securities. This means that the SEC has no jurisdiction over the majority of the crypto market.
Gary Gensler is crying loudly.
This will be a great opportunity for the Crypto market in the near future.
