The FIT21 bill received 279 votes in favor in a vote held on Wednesday in the United States House of Representatives.
US lawmakers from both major political parties in the country, Democrats and Republicans, supported the HR 4763 bill, Financial Innovation and Technology for the 21st Century, also known as FITXNUMX.
The approval of this regulatory proposal, which obtained bipartisan support and reached 279 votes in favor and only 136 against, highlights the shift in lawmakers' stance on cryptocurrency and blockchain innovation. Of the votes in favor of the bill, 71 came from Democrats
FIT21, which was introduced in Congress last year by House Agriculture Committee Chairman Glenn Thompson; House Financial Services Committee Chairman Patrick McHenry; Rep. French Hill, Rep. Dusty Johnson, Rep. Tom Emmer, and Rep. Warren Davidson, seeks to provide regulatory clarity to the growing digital asset industry in the country.
Lawmakers say the passage of this bill represents a first step toward putting an end to the regulatory uncertainty that has dominated the crypto industry in the United States all these years. Agriculture Committee Chairman Thompson also said that FIT21 establishes clear regulations that protect users and investors and outlines the path for the country to lead the way. global technological revolution.
FIT21 is approved with an overwhelming majority
Congress noted that the FIT21 bill achieved overwhelming support in the House on Wednesday, reflecting lawmakers' interest in ensuring that the United States remains at the forefront of innovation and technological development.
Following the executive order on the crypto industry, which was signed by President Joe Biden in 2022, the US administration became increasingly hostile towards cryptocurrency projects and companies, targeting mainly self-custody and privacy protocols and generating greater uncertainty about the future of crypto innovation in the nation. However, with the passage of FIT21 in the House, the country could move towards a change in its view of cryptocurrencies.
Congressman Patrick McHenry, chairman of the House Financial Services Committee, said the overwhelming support for FIT21 in its vote on Wednesday should serve as a “wake-up call” for the Senate and the current Biden administration to realize the importance of digital assets and emerging technologies.
“They must come to the table to ensure that Americans who interact with digital assets can do so safely,” the congressman said in a statement released Wednesday.
Agriculture Committee Chairman Thompson also spoke out on the passage of the 21st Century Financial Technology Innovation Bill, stating that it is a significant milestone for both the crypto industry and the country.
“Clarity in digital assets is crucial”, Thompson said, highlighting that the FIT21 bill will establish a much-needed regulatory framework to protect cryptoasset users, consumers and investors, while fostering U.S. leadership in the digital asset space.
A regulatory framework tailored to crypto innovation
According to Financial Services Committee Chairman McHenry, FIT21 is designed to address all the regulatory gaps that exist in current U.S. legislation and create a new legal framework that is tailored to the needs of innovation in the crypto industry.
McHenry stressed the efforts made by the Agriculture and Financial Services Committees to get FIT21 approved in the House of Representatives. Now, the bill in question must be voted on in the Senate, before heading to Biden's desk.
The White House on Wednesday issued a statement on the passage of FIT21, stating that it did not agree with the “insufficient” protections that this bill establishes for cryptocurrency users and investors, but that it was in favor of creating clear regulations that were more favorable to digital assets.
