In a huge development for the digital assets sector. The US House of Representatives passed the FIT21 cryptocurrency bill. Indeed, the Financial Innovation and Technology for the 21st Century Act represents a huge step forward in the mission of increasing regulatory clarity in the United States.
US President Joe Biden issued a statement regarding the imminent vote that will take place today. Specifically, the White House acknowledged that they do not support the legislation but would not veto the bill if it reached the president's desk. However, the bill has received bipartisan support that would provide a comprehensive regulatory framework for the growing industry.
The US House of Representatives approved the FIT21 cryptocurrency bill as it made its way to the Senate over the past few years. The digital asset market has faced increasing uncertainty regarding operations in the United States. This is due, in large part, to the regulatory tactics used by the US Securities and Exchange Commission (SEC). Specifically, the agency committed itself to regulation through enforcement at the expense of in-state market growth.
