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U.S. House Passes Digital Asset Regulation Bill FIT21

U.S. House Passes Digital Asset Regulation Bill FIT21

May 22, 2024

U.S. House Passes Digital Asset Regulation Bill FIT21

The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill designed to regulate the digital assets market. The vote on Wednesday concluded with 279 in favor and 136 against, with a notable majority of House Democrats backing the legislation.

The spotlight now shifts to the U.S. Senate, where the prospects for similar action are uncertain. The Senate lacks a direct counterpart to the House bill, and the necessary committees have not engaged in comparable groundwork on regulations.

The final tally showed 71 Democrats and 208 Republicans voting for the bill, while 3 Republicans and 133 Democrats opposed it. President Joe Biden has expressed opposition to the bill through a policy statement but stopped short of threatening a veto. Likewise, SEC Chair Gary Gensler expressed strong reservations, suggesting that the bill was unnecessary and could undermine current securities regulations.

FIT21 aims to set consumer protections, designate the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets, and clarify the criteria that determine whether an asset is considered a security or a commodity.

Before the vote, the House considered several amendments to the bill. One proposed by Rep. Greg Casar (D-Texas), which sought to lower a crowdfunding exemption from $75 million to $5 million, was defeated. However, other amendments put forward by Reps. Brittany Pettersen (D-Co.), Ralph Norman (R-S.C.), and Scott Perry (R-Pa.) were incorporated.

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