US House Passes FIT21 Crypto Bill With Bipartisan Support

US House Passes FIT21 Crypto Bill With Bipartisan Support

By: Eliza Bennet

The US House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22. The bill saw a significant majority support with 279 representatives voting in favor, 136 against, and 15 abstentions. The bipartisan nature of the support was evident, despite the majority of affirmative votes coming from Republican representatives.

This legislative milestone has been lauded within the crypto industry. Prominent crypto exchange Coinbase celebrated the strong bipartisan backing, while their Chief Legal Officer, Paul Grewal, acknowledged the progress marked by the 71 Democratic votes in favor of the bill.

The FIT21 Act aims to bring regulatory clarity to the crypto sector by defining how the SEC and CFTC can govern crypto assets, ensuring robust consumer protections, and establishing clear paths for crypto issuers and exchanges. The bill is now awaiting a Senate vote for potential enactment into law.

However, some resistance remains. Democratic Representative Maxine Waters and SEC Chair Gary Gensler have voiced their concerns, suggesting the bill might allow crypto firms to evade accountability and undermine existing regulatory powers. The White House has also expressed its opposition but has not indicated plans for a veto should the bill pass the Senate.

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