Official classification announcements from CFTC or SEC

House to Vote Today on Landmark Crypto Bill FIT21, HR 4763; Biden Will Not Veto

May 22, 2024, 02:19 PM

The U.S. House of Representatives is set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), also known as HR 4763, a significant piece of cryptocurrency legislation. The bill aims to provide regulatory clarity for the digital asset ecosystem, establishing a framework to determine whether digital assets are commodities or securities and thus regulated by the CFTC or SEC. FIT21, introduced by the House Agriculture Committee and the House Financial Services Committee, has garnered strong support from the crypto industry, including companies like Coinbase, Kraken, and Ripple, as well as bipartisan backing in Congress. The bill also emphasizes consumer protections. However, SEC Chair Gary Gensler has voiced strong opposition, arguing that the bill creates regulatory gaps and undermines investor protections. Despite this, President Biden and the White House have announced they will not issue a veto threat, marking a notable victory for crypto proponents. The vote is expected to take place today, with the potential to significantly impact the future of blockchain innovation in the U.S.