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Home CRYPTO

US House Democrats Join Forces With Republicans to Past FIT21 Crypto Structure Bill

Michael Juanico by Michael Juanico
May 22, 2024
in CRYPTO
Reading Time: 3 mins read
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• The U.S. House of Representatives passed its first significant crypto regulation bill
• The bill’s passage passes the crypto baton to the Senate
• Odds remain low for decisive action in the Senate on the crypto legislation

The U.S. House of Representatives has passed a landmark bill that seeks to regulate cryptocurrencies and digital assets, marking the first major legislative move on crypto by Congress.

JUST IN: 🇺🇸 71 Democrats and 208 Republicans voted to pass the FIT21 crypto structure bill

The bill will now progress to the senate

— BlockNews.com (@blocknewsdotcom) May 22, 2024

House Approves Bipartisan Crypto Bill

On May 22, 2024, the U.S. House of Representatives passed the Federal Information Technology Acquisition Reform Act (FIT21), which includes amendments on digital assets proposed by Rep. Patrick McHenry (R-N.C.). The amended FIT21 bill passed with broad bipartisan support in a 395-19 vote.

The bipartisan amendments provide a clear definition for digital assets and affirm the regulatory powers of the Commodity Futures Trading Commission (CFTC) over crypto derivatives. The amendments also require the CFTC and the Securities and Exchange Commission (SEC) to share information and coordinate on policy.

Proponents See Bill as Key Regulatory Milestone

The passage of the amended FIT21 bill is seen as a significant milestone for crypto regulation, as it is the first crypto bill to pass either chamber of Congress.

Rep. McHenry noted that the bipartisan support for the bill highlights the growing recognition in Congress that crypto and digital assets are here to stay. He said the bill would provide regulatory clarity for crypto innovators and protect consumers.

Other supporters said the bill strikes the right balance between fostering innovation and protecting investors. It provides guardrails without being overly prescriptive, giving agencies flexibility in regulating digital assets.

Uncertain Fate in Senate

While the House passage is a major step forward, the bill faces significant obstacles going through the Senate.

Senate Banking Committee Chair Sherrod Brown (D-Ohio) has been critical of crypto and could block the bill from moving forward. Brown and other Democrats want to see more aggressive crypto regulation and consumer protections.

Even if the bill makes it out of committee, finding 60 votes in the closely divided Senate will be challenging. Previous attempts at passing crypto regulation have stalled in the Senate.

However, the House passage keeps the momentum going for establishing a regulatory framework for digital assets. Crypto industry leaders will continue advocacy efforts to get legislation through the Senate. With bipartisan support growing, Congress may yet act to provide clarity and oversight to the fast-evolving crypto space.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CFTCdigital assetsFIT21House of RepresentativesPatrick McHenrysec
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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