The United States House of Representatives passed a comprehensive bill aimed at regulating digital asset markets. The Financial Innovation and Technology for the 21st Century Act (FIT21) garnered a decisive 279-136 vote, with notable Democratic support crossing party lines.
This historic approval of FIT21 marks the first instance of a major crypto-focused bill passing through one of the chambers of Congress. The bill now advances to the U.S. Senate, where its future remains uncertain.
Representative Josh Gottheimer, one of the Democrats who endorsed the bill, emphasized the need for regulatory frameworks, advocating for collaborative efforts in crafting legislation that is both bipartisan and pragmatic.
A total of 71 Democrats and 208 Republicans united in favor of the bill, while 3 Republicans and 133 Democrats opposed it.
President Joe Biden expressed his opposition to the bill through a policy statement, although he stopped short of threatening a veto, as seen in previous instances.
Critics, including SEC Chair Gary Gensler, raised concerns about the necessity of the legislation, arguing that it could undermine existing securities regulations. The bill, primarily driven by House Republicans, aims to establish a regulatory regime for U.S. crypto markets, with provisions for consumer protections and the designation of the Commodity Futures Trading Commission (CFTC) as a key regulator.
