CryptoNews

House Passes Landmark Crypto Bill Marking ‘Historic Day’ for Americans

Historic Day: U.S. House Approves FIT21 Act for Crypto Regulation

The U.S. House of Representatives has approved the Financial Innovation and Technology for the 21st Century (FIT21) Act for the regulation of crypto assets despite opposition from President Joe Biden and SEC Chair Gary Gensler. This landmark legislation secured a bipartisan approval with a vote of 279 to 136. “FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress,” said Congressman French Hill.

‘Today Is a Historic Day for American Consumers, Investors, and Innovators’

The House of Representatives has passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), a significant piece of legislation aimed at establishing a regulatory framework for digital assets.

Despite facing resistance from President Joe Biden and SEC Chair Gary Gensler, the bill, introduced by Representatives French Hill, Glenn “GT” Thompson, Dusty Johnson, Tom Emmer, and Warren Davidson in July last year secured a bipartisan victory with a vote of 279 to 136. Congressman Patrick McHenry co-sponsored of the legislation.

Following the House vote, Rep. Hill remarked on “his landmark legislation to establish a regulatory framework for digital assets,” declaring:

Today is a historic day for American consumers, investors, and innovators. I applaud the House’s bipartisan passage of FIT21, which crafts a ‘fit for purpose’ regulatory framework for digital assets that protects consumers and investors while securing the United States as a leader in blockchain innovation.

“This legislation passed in a bipartisan manner, signaling that consumer protection and American innovation are priorities for lawmakers on both sides of the aisle … FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress, and I remain committed to pushing this legislation forward until it becomes law,” Hill added.

Earlier today, Gensler publicly opposed the FIT21 Act. Concurrently, the White House expressed opposition to the bill ahead of the House vote but indicated a willingness to collaborate with Congress to establish a balanced regulatory framework for cryptocurrencies.

Source: Bitcoin

Related posts
GamingNews

Funko Fusion hits Switch on September 13

AI & RoboticsNews

Meet Maxim, an end-to-end evaluation platform to solve AI quality issues

AI & RoboticsNews

Meta releases flurry of new AI models for audio, text and watermarking

DefenseNews

Small drones will soon lose combat advantage, French Army chief says

Sign up for our Newsletter and
stay informed!

Worth reading...
Deadline Looms for Biden to Veto Congressional Overturn of SEC’s Crypto Rules