Official government publications

U.S. House Passes FIT21 Act for Crypto Regulation Last Week Despite Opposition

May 30, 2024, 04:29 PM

The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) last week, a significant bill aimed at regulating cryptocurrency assets. Despite opposition from President Joe Biden and SEC Chair Gary Gensler, the bill garnered strong political support for blockchain regulations. The momentum for crypto regulation, initially bolstered by President Trump, continues to grow. However, many believe the bill is flawed and hope the Senate will slow its progress. The bill is unlikely to pass in the Senate before the November elections, but bipartisan momentum for crypto regulation is expected to persist regardless of the next administration. The bill marks a landmark step in U.S. crypto compliance.