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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- May 23, 2024 05:19 UTC
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US House Approves FIT21 Bill: A New Era for Digital Asset Regulation
House passes FIT21 bill to regulate digital assets with new law which aims to provide clear rules and consumer protections
The bill passed with support from both Democrats and Republicans, showing broad agreement on the need for regulation.
Now that the House passed the bill, it goes to the Senate for consideration.
In a historic move, the United States House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), gaining substantial bipartisan backing. This crucial legislation aims to provide regulatory clarity and consumer protection for the rapidly growing digital asset market in the United States.
Here’s what happened.
A Major Legislative Victory
The FIT21 Bill, officially H.R. 4763, received 279 affirmative votes, including 208 from Republicans and 71 from Democrats. In opposition, the bill faced 136 votes, with 3 Republicans and 133 Democrats voting against it. The passage of FIT21 marks a significant step toward solidifying America’s leadership in digital asset innovation and regulation.
The House Financial Services Committee celebrated the passage of FIT21 with a press release. Chairman Patrick McHenry stated,
“Today, the House took a historic step by passing FIT21 with broad, bipartisan support. FIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States.”
Chairman Glenn “GT” Thompson added,
“Clarity in digital assets is crucial. Today’s bipartisan passage of the Financial Innovation and Technology for the 21st Century Act is a significant milestone. It underscores the House Committees on Agriculture and Financial Services’ efforts to establish a much-needed regulatory framework.”
Congressional Voices
Several members of Congress voiced their support for FIT21. Congressman John Roe criticized the current regulatory approach, stating,
Congressman Tom Emmer emphasized the bill’s broader implications:
Representative French Hill, the primary sponsor of the bill, highlighted its alignment with previous government calls for regulatory frameworks.
Opposition and Critique
Despite the broad support, Congressman Brad Sherman opposed this bill, stating that it could create a competitor to the US Dollar used by criminals around the world.
Industry Analysis: Potential Challenges Ahead
Crypto analysts have identified potential issues within the bill. Analyst Matt noted,
“The FIT21 bill doesn’t mention DEXs specifically but it could be bad. Maybe we just make a new term or acronym that doesn’t have the word ‘exchange’ in it.”
Another crypto analyst going by his pen name, ‘Vet’, remarked as well.
The Road Ahead: Senate Decision Awaits
With the passage of FIT21 in the House, all eyes are now on the Senate. This vote demonstrates strong support, urging the Senate and the Administration to take immediate action. Rep. Dusty Johnson, R-S.D., remarked, “Today’s victory gets us one step closer to establishing clear rules of the road for developers in the industry so America can remain a global hub for tech and finance innovation.”
The future of digital assets in the US hangs in the balance. Now the Senate takes center stage.
Also Check Out: What’s Next for Crypto Regulation After FIT21 Passes in the House?
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