Markets
US House of Representatives Approves FIT21 Bill in Bipartisan Vote for Crypto Market Rules
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The US House of Representatives today passed the FIT21 cryptocurrency market bill with bipartisan support.
With 71 Democrats joining Republican House members, the financial innovation and technology bill passed 279-136. The bill is one of the largest approved this year for the crypto, blockchain and Web3 markets. This bodes well for Web3 gaming companies that have raised a lot of venture capital in recent years.
The aim of the bill is to reshape US digital asset regulations to support innovation while protecting consumers.
If approved by the US Senate and signed by President Joe Biden, FIT21 would grant the US Commodity Futures Trading Commission (CFTC) authority over digital assets considered commodities, as well as create legal dominance for the Securities and Exchange Commission (SEC). .
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“This is a watershed moment for the crypto industry,” he said Sheila WarrenCEO of Crypto Council for Innovationin a statement.
The council said the vote represents years of effort by lawmakers, their staff and the industry to protect consumers and keep the U.S. at the forefront of digital innovation.
Cryptocurrency companies and digital asset manufacturers (including gaming companies) will have a framework for determining whether their assets are securities under the terms defined by the bill. Such inaccuracy in the past has led to much litigation between government regulators and startups trying to act quickly. The bill tests whether a project qualifies as a decentralized blockchain or not.
Rep. Ro Khanna (D-Calif.) in Silicon Valley argued that blockchain innovation should happen in the U.S.
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