[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"9717c0fd-8434-4ab1-a63b-9febb79584c0","updated_at":"2024-05-23T03:37:51.461229+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The U.S. House of Representatives passed the Financial Innovation and Technology Act, a legislative act aimed at regulating the crypto market.","sapo":"According to latest reports, a majority of US House members from both Democratic and Republican parties voted in favor of crypto bill FIT21 on May 22, signifying the industry’s biggest legislative win yet.","title":"US House Passes Landmark Crypto Bill FIT21 in Bipartisan Vote","content":"

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House Approves Crypto Market Structure Bill

Republican-backed H.R.4763, also known as the Financial Innovation and Technology for the 21st Century Act (FIT21), passed by a vote of 279 to 136 this Wednesday, seeing support from 208 Republicans and 71 Democrats.

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However, the future of the bill in the Senate remains uncertain, given the lack of a counterpart bill and the level of interest shown by the legislative body.

The passing of the FIT21 comes after Joe Biden’s Democratic administration voiced its opposition against crypto regulatory acts like FIT21, saying it does not support its members voting on the bill. Despite the avowed objection, the White House promised to not veto the crypto bill if it is passed, but instead expressed commitment to “work with Congress” on a regulatory regime to oversee digital commodities.

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That FIT21 was passed by the House of Representatives marks a significant policy victory for the crypto industry as it may clear up the path for crypto regulations in the country. Crypto enthusiasts are eagerly waiting to see what this means for SEC’s decision on the future of Ethereum spot ETFs.

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If enacted, FIT21 would establish a clear regulatory framework for the crypto market. Favored lawmakers seek to see the new policy expand the authority of the Commodity Futures Trading Commission (CFTC) over spot markets and digital assets, and clarify the Securities and Exchange Commission's (SEC) role in overseeing the industry.

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US House Passes Landmark Crypto Bill FIT21 in Bipartisan Vote

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