Tech
The Financial Innovation and Technology for the 21st Century (FIT21), also known as the “Crypto Bill,” passes the U.S. House
The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat cryptocurrencies as commodities as long as their blockchain is sufficiently decentralized, has been passed by the US House of Representatives.
According to a new Press release by the Financial Services Committee, the House passed the new cryptocurrency bill, which would strengthen consumer protections and give the Commodity Futures Trading Commission (CFTC) authority over digital assets.
As Republican Representative Patrick McHenry of North Carolina, chairman of the Financial Services Committee, said,
“Today the House took a historic step by passing FIT21 with broad bipartisan support. FIT21 provides the regulatory clarity and robust consumer protections needed for the digital asset ecosystem to thrive in the United States.
The bill also ensures that America leads the financial system of the future and remains a hub for technological innovation.”
Additionally, Minnesota Representative Tom Emmer’s Securities Clarity Act, initially introduced in 2020 with the goal of properly classifying digital assets, has been past as well as part of FIT21. According to Emmer, this marks a step towards clear cryptographic guidelines.
“With the passage of the Securities Clarity Act and FIT21, American digital asset innovation can thrive. This globally competitive framework will give entrepreneurs the clarity and confidence they need to build here in the United States, while ensuring that the next iteration of the web emulates our values.”
Earlier this week, the White House mentioned that he would not veto if passed despite opposition from Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC).
According to Gensler, the bill would create regulatory gaps and conflicts with current securities laws. While the White House has said it does not support the bill, it has stressed that it is willing to work with Congress to improve it.
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Featured image: Shutterstock/kikk/Natalia Siiatovskaia