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U.S. House Passes Bipartisan Crypto Bill FIT21 (HR 4763) to Regulate Digital Assets

May 22, 2024, 01:35 PM

The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), a landmark bipartisan bill aimed at providing regulatory clarity for the digital asset ecosystem. The legislation, also known as HR 4763, delineates the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. The bill, which includes the Securities Clarity Act, is designed to protect consumers, foster innovation, and ensure the U.S. remains a global leader in technology and finance. Despite its bipartisan support, the bill has faced criticism from SEC Chair Gary Gensler and President Biden, who argue that it could create regulatory gaps and undermine investor protection efforts. The bill's passage, following a vote on Wednesday at 4:30 PM, marks a significant step towards establishing a comprehensive regulatory framework for cryptocurrencies in the United States. Solana Co-founder Raj Gokal and 108 US-based crypto organizations have expressed strong support for the bill.