U.S. House Approves Crypto FIT21 Bill With Wave of Democratic Support
Summary
The U.S. House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21) with a 279-136 vote, marking a significant win for the crypto industry. The bill aims to establish regulations for digital assets markets, but its future in the U.S. Senate is uncertain. President Joe Biden opposed the bill, while SEC Chair Gary Gensler also criticized it. The legislation, largely driven by House Republicans, seeks to regulate the U.S. crypto markets, define crypto tokens, and set consumer protections. The House also debated a bill to ban the Federal Reserve from establishing a central bank digital currency (CBDC).
