The Financial Innovation and Technology for the 21st Century (FIT21) Act, a groundbreaking piece of legislation aimed at regulating crypto assets, has been approved by the U.S. House of Representatives. This marks the first time in American history that such a bill has passed in a chamber of Congress. Despite facing resistance from President Joe Biden and SEC Chair Gary Gensler, the bill secured a bipartisan victory with a vote of 279 to 136.
Introduced by Representatives French Hill, Glenn “GT” Thompson, Dusty Johnson, Tom Emmer, and Warren Davidson in July of last year, the FIT21 Act aims to establish a regulatory framework for digital assets. Congressman Patrick McHenry co-sponsored the legislation.
Following the successful vote, Congressman Hill expressed his satisfaction with the passage of this landmark legislation. He emphasized the significance of establishing a regulatory framework for digital assets that protects consumers and investors while positioning the United States as a leader in blockchain innovation.
The opposition to the FIT21 Act was evident, with SEC Chair Gary Gensler publicly expressing his disapproval and the White House voicing opposition ahead of the House vote. However, the Biden administration also expressed a willingness to collaborate with Congress in order to establish a balanced regulatory framework for cryptocurrencies.
The passing of the FIT21 Act by the House of Representatives, despite the opposition it faced, is a notable development in the regulation of crypto assets. It reflects the importance of both consumer protection and American innovation, as well as the bipartisan commitment to addressing these issues.
