Official SEC or CFTC announcements or major financial news outlets

House to Vote Wednesday on Landmark Crypto Bill FIT21 for Regulatory Clarity

May 21, 2024, 02:26 AM

The U.S. House of Representatives is set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) this Wednesday. This bipartisan bill aims to provide regulatory clarity and consumer protections for the digital asset ecosystem, addressing both centralized finance (CeFi) and decentralized finance (DeFi). The bill is widely supported by the crypto industry, including major entities like Coinbase, and is seen as critical for cementing the U.S. as a global leader in technology and finance. FIT21 proposes to regulate CeFi while exempting DeFi from certain regulations, instead suggesting a study of DeFi. The legislation is considered the most significant piece of crypto legislation to date and is expected to foster innovation and protect millions of American crypto holders. Almost 700,000 crypto voters have registered to support the bill, which clarifies when a digital asset is a commodity or security regulated by the CFTC or SEC. Advocates urge representatives to vote YES on FIT21.