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House to Vote on Landmark Crypto Bill FIT21 (HR4763) This Wednesday Amid Industry Support

May 21, 2024, 05:04 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 HR4763, a landmark bipartisan bill aimed at providing regulatory clarity for the digital asset ecosystem. The bill, which has garnered widespread support from the crypto industry, including entities such as Coinbase, Kraken, and Solana, seeks to establish a framework for distinguishing between digital assets as commodities or securities, thus clarifying the roles of the CFTC and SEC. FIT21 also aims to protect consumers, foster innovation, and cement the U.S. as a global leader in technology and finance. The bill is backed by Rep. French Hill and Rep. Dusty Johnson, and supported by 108 US-based crypto organizations. However, the bill faces opposition from SEC Chair Gary Gensler, who argues that it would create regulatory gaps and undermine investor protections. The vote on FIT21 is expected to take place this Wednesday, with proponents urging the public to contact their representatives in support of the bill.