U.S. House Approves Crypto FIT21 Bill With Wave of Democratic Support
AI summary of the linked articleThe U.S. House approved the Financial Innovation and Technology for the 21st Century Act (FIT21), a crypto market-structure bill, by a 279-136 vote on Wednesday, with Democrats crossing party lines to support it. The bill would set consumer protections, make the Commodity Futures Trading Commission a leading regulator of digital asset spot markets, and more clearly define when a crypto token is a security or a commodity. Overall, 71 Democrats and 208 Republicans voted in favor, while President Joe Biden opposed the bill in a policy statement and SEC Chair Gary Gensler argued it was not needed. The bill now heads to the Senate, where it has no counterpart and its prospects are unclear. |
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2 comments  timSubmitter The legislation – largely driven by House Republicans – would establish a regime to regulate the U.S. crypto markets, setting consumer protections, installing the Commodity Futures Trading Commission (CFTC) as a leading regulator of digital assets and the watchdog of the non-securities spot markets and it would more clearly define what makes a crypto token a security or a commodity.  |