The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat crypto assets as commodities provided their blockchain is sufficiently decentralized, has been passed by the US House of Representatives.
According to a new one press release through the Financial Services Committee, the House passed the new crypto bill, which would strengthen consumer protections and give the Commodity Futures Trading Commission (CFTC) authority over digital assets.
As stated by Republican Representative Patrick McHenry of North Carolina, chairman of the Financial Services Committee,
“Today, the House of Representatives took a historic step by passing FIT21 with broad bipartisan support. FIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States.
The bill also ensures that America leads the financial system of the future and remains a center for technological innovation.”
Also, Minnesota Representative Tom Emmer’s Securities Clarity Act – which was initially introduced in 2020 with the aim of correctly classifying digital assets – used to be passed as well as part of FIT21. According to Emmer, this marks a step towards clear crypto guidelines.
“With the passage of the Securities Clarity Act and FIT21, U.S. digital asset innovation can flourish. This global competitive framework will give entrepreneurs the clarity and certainty they need to build here, in the United States, while ensuring that the next iteration of the Internet mimics our values.”
Earlier this week, the White House hinted it would not veto the bill if it passed, despite opposition from Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC).
According to Gensler, the bill would create regulatory gaps and conflicts with current securities laws. While the White House said it does not support the bill, it noted it is willing to work with Congress to improve it.
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Featured image: Shutterstock/kikk/Natalia Siiatovskaia