US House Passes FIT21 Cryptocurrency Bill

In what is a monumental development for the digital asset industry, the US House of Representatives has passed Crypto Bill FIT21. In fact, the Financial Innovation and Technology for the 21st Century Act represents a huge step forward in the mission for greater regulatory clarity in the United States.

US President Joe Biden had done so released a statement about today’s upcoming vote. Specifically, the White House admitted that it does not support the legislation but that it would not veto the bill if it reached the President’s desk. However, the bill has received bipartisan support that will introduce a comprehensive regulatory framework for the growing industry.

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US House Passes FIT21 Cryptocurrency Bill as It Heads to the Senate

In recent years, the digital asset market has faced growing uncertainty regarding operations in the United States. This was, in large part, due to the regulatory tactics employed by the U.S. Securities and Exchange Commission (SEC). Specifically, the agency has committed to regulation through enforcement at the expense of market growth within the country.

Now, things may change, as today the US House of Representatives voted to pass the FIT21 cryptocurrency bill. The bill received immense bipartisan support, with eight House Democrats signing a memo in support of the Republican-crafted legislation.

Source: ThoughtCo

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The bill has long been expected to pass at this level of the process. The measure, however, will now be sent to the Senate. There, his ultimate fate becomes a little less clear. However, House representatives have reportedly stepped up talks with members of the Senate to initiate progress on legislative action in the digital assets sector.

The industry itself has become an increasingly prevalent battleground in an election year. Donald Trump the recently announced cryptocurrency would be accepted into fundraising efforts. Additionally, Biden recently emphasized his willingness to engage with Congress on a “balanced regulatory framework.”

Although the bill does not receive Senate approval, the development of such a framework has begun. Therefore, hopefully the momentum will carry the spirit of the law into some form. This is especially true as the modern political landscape has further directed the industry.

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