Monday, 24 June 2024
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CryptoCrypto Regulations

With strong Democratic support, the U.S. House approves the Crypto FIT21 bill

  • FIT21 is the first significant cryptocurrency bill to be approved by a House of Congress.
  • Concerning consumer safeguards, the measure would provide a regulatory framework for the U.S. cryptocurrency markets.
  • Casar’s attempt to reduce the crowdfunding exemption from $75 million to $5 million was rejected.

The biggest legislative victory for the cryptocurrency industry in Congress was achieved when the Financial Innovation and Technology for the 21st Century Act was approved by the U.S. House of Representatives.

The industry’s greatest important legislative victory in Congress was achieved with a vote of 279-136, when Democrats voted for the bill despite differences in party affiliation.

Crypto FIT21 bill

The Financial Innovation and Technology for the 21st Century Act (FIT21) is the first significant cryptocurrency bill to be approved by a House of Congress. Now that a companion bill has not been introduced, the matter is in the U.S. Senate, where its future is unknown.

The implementation of crypto rules in the United States is not yet complete, and it has lagged behind other international jurisdictions. Rep. Josh Gottheimer, a Democrat and the top Democrat on the House Financial Services Committee, described the bill as “well-reasoned, thoughtful, bipartisan legislation” and stated that with cooperation, it will be signed into law.

Concerning consumer safeguards and the establishment of the Commodities Futures Trading Commission (CFTC) as a premier regulator of digital assets and the overseer of non-securities spot markets, the measure would provide a regulatory framework for the U.S. cryptocurrency markets.

t would clarify exactly what qualifies a cryptocurrency token as a commodity or security. According to Waters, the bill aims to absolve cryptocurrency companies that have been skirting securities regulations of their obligations.

The House discussed several modifications to the bill, including those proposed by Representatives Greg Casar, Brittany Pettersen, Ralph Norman, and Scott Perry, before the vote. The remaining amendments were approved, but Casar’s attempt to reduce the crowdfunding exemption from $75 million to $5 million was rejected.

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