Markets
US House of Representatives approves FIT21 bill in bipartisan vote on crypto market rules
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The United States House of Representatives today passed the FIT21 cryptocurrency market bill with bipartisan support.
With 71 Democrats joining Republican members of the House, the Financial Innovation and Technology Bill passed by a vote of 279 to 136. The bill is one of the largest passed this year for financial markets. cryptography, blockchain and Web3. This bodes well for Web3 gaming companies that have raised a lot of venture capital in recent years.
The goal of the bill is to reshape U.S. regulation of digital assets to support innovation while protecting consumers.
If passed by the US Senate and signed by President Joe Biden, FIT21 would grant the Commodity Futures Trading Commission (CFTC) authority over digital assets considered commodities, as well as create a legal domain for the Securities and Exchange Commission (SEC).
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“This is a defining moment for the crypto industry,” said Sheila WarrenCEO of Crypto Council for Innovationin a report.
The council said this vote represents years of effort by policymakers, their staff and the industry to protect consumers and keep the United States at the forefront of digital innovation.
Crypto companies and digital asset creators (including gaming companies) will have a framework to determine whether their assets are securities under the conditions set out in the bill. Such vagueness in the past has led to much litigation between government regulators and startups trying to move forward quickly. The bill provides for a test to determine whether or not a project is considered a decentralized blockchain.
Rep. Ro Khanna (D-Calif.) of Silicon Valley argued that blockchain innovation should take place in the United States.
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