# U.S. House Approves Crypto FIT21 Bill With Wave of Democratic Support

Source: https://www.coindesk.com/policy/2024/05/22/us-house-approves-crypto-fit21-bill-with-wave-of-democratic-support
Kiwi News: https://news.kiwistand.com/stories/US-House-Approves-Crypto-FIT21-Bill-With-Wave-of-Democratic-Support?index=0x664edca89432ac8ca62f6188f712a21e4bbd949c0d77108952334b2d6faf61156e668339
Submitted by tim on 2024-05-23 UTC, 8 upvotes, 2 comments

## Summary

The 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.

## Comments

**tim**: > 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.

**simplifiedprivacy.eth**: seems like it will be dead in senate