The
US
House
of
Representatives
passed
the
Financial
Innovation
and
Technology
for
the
21st
Century
Act
(FIT21)
on
May
22.
In
all,
279
representatives
voted
yes,
136
voted
no,
and
15
abstained
from
voting
on
the
proposed
crypto
legislation.
The
bill
received
bipartisan
support
but
mainly
received
Republican
votes,
with
208
of
217
Republican
representatives
voting
yes.
By
contrast,
71
of
213
Democratic
representatives
voted
in
favor
of
the
bill.
Despite
minority
Democratic
support,
the
bipartisan
approval
has
attracted
praise
within
the
crypto
sector.
Crypto
exchange
Coinbase
noted
“strong
bipartisan
support,”
while
CLO
Paul
Grewal
called
the
71
Democratic
votes
“real
progress”
against
the
refusal
to
legislate.
The
bill
is
not
yet
law.
Senate
must
vote
on
FIT21
at
a
later
date.
Bill
could
help
crypto
thrive
Chairman
Patrick
McHenry
called
the
vote
a
“historic
step,”
asserting
the
bill
provides
“regulatory
clarity
and
robust
consumer
protections”
to
help
the
US
crypto
ecosystem
thrive.
The
proposed
legislation
aims
to
clearly
define
how
the
SEC
and
CFTC
can
regulate
crypto
as
securities
and
commodities
by
creating
registration
regimes
for
each.
The
bill
also
aims
to
ensure
that
crypto
issuers
provide
disclosures
and
information,
offer
issuers
a
clear
path
to
raising
funds,
and
clarify
the
relevant
regimes
for
each
issuer.
FIT21
also
aims
to
ensure
that
exchanges,
brokers,
and
dealers
provide
disclosures,
segregate
customer
funds
from
corporate
funds,
and
meet
other
requirements.
Opposition
has
emerged
Despite
majority
bipartisan
support,
some
lawmakers
and
regulators
have
spoken
out
against
FIT21.
Democratic
Representative
Maxine
Waters
argued
that
the
bill
will
allow
crypto
companies
to
escape
responsibility
after
making
“billions
of
dollars
unlawfully
issuing
or
facilitating
the
buying
and
selling
of
crypto
securities.”
Meanwhile,
SEC
chair
Gary
Gensler
publicly
opposed
FIT21
before
the
vote,
stating
the
proposed
legislation
undermines
the
agency’s
existing
powers
over
investment
contracts
and
securities.
The
White
House
has
stated
that
it
opposes
the
bill
but
does
not
currently
intend
to
veto
it
if
it
passes
through
the
Senate
floor.
Mentioned
in
this
article
Go to Source
Author: Mike Dalton
