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U.S. House passes FIT21 with Bipartisan Support

Crypto | May 23, 2024

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The U.S. House of Representatives has officially passed the Financial Innovation and Technology for the 21st Century Act (FIT21)

Now, crypto in America is one step closer to getting the bill that will regulate digital assets in the country. That passage of FIT21 with bipartisan support shows growing consensus of the need for clear regulatory frameworks that foster crypto innovation while protecting consumers.

Vote Stats

FIT21 passed with a notable majority with bipartisan collaboration:

  • Total Votes in Favor: 279
  • Democratic Support: 71 Democrats voted in favor
  • Republican Support: 208 Republicans voted in favor
  • Votes Against: 136, most by the Democrats due to some reservations that they hold about some of the bill's regulatory provisions

Key Features of the FIT21 Bill

  • Remove the confusion between the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding which regulator is actually in charge. The current confusion leaves users vulnerable to fraud and stifles innovation in the sector.

See:  Responsible Development of Digital Assets (Crypto): Decoding Biden’s Executive Order

  • It ensures the appropriate consumer protections are in place to help prevent scenarios like the collapse of FTX, safeguarding customer funds.
  • With a clear regulatory framework, it will make the U.S. more attractive for digital asset innovation and stop the exodus of talent and firms to other, more cryptocurrency-friendly, jurisdictions.

Next Steps

The passing of the FIT21 in the House is a significant milestone, but it is not the end of the road. It will now go to the Senate for further consideration. Meanwhile, President Joe Biden has earlier expressed doubts regarding the enactment of pro-crypto legislation, constituting a possible challenge​.

NCFA Jan 2018 resize - U.S. House passes FIT21 with Bipartisan SupportThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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