US House Passes FIT21 Crypto Bill

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Today marks another win for Bitcoin and cryptocurrencies.  The United States House of Representatives passed H.R. 4763, also known as the Financial Innovation and Technology for the 21st Century Act (FIT21).  The bill is led by the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10).  The bill passed with a vote of 279-136.

The Financial Services Committee press release states, “FIT21 provides the robust, time-tested consumer protections and regulatory certainty necessary to allow digital asset innovation to flourish in the United States.  The SEC and the CFTC are currently in a food fight for control over this asset class.  They have created an impossible situation where the same firms are subject to competing and contradictory enforcement actions by the two different agencies.”

The White House states, “The Administration opposes passage of H.R. 4763, which would affect the regulatory structure for digital assets in the United States.  The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system.  H.R. 4763 in its current form lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.  The Administration looks forward to continued collaboration with Congress on developing legislation for digital assets that includes adequate guardrails for consumers and investors while creating the conditions needed for innovation, and further time will be needed for such collaboration.”

A good day for Bitcoin Pizza Day!

 

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