4 months ago
The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) connected May 22.
In all, 279 representatives voted yes, 136 voted no, and 15 abstained from voting connected the projected crypto legislation.
The measure received bipartisan enactment but chiefly received Republican votes, with 208 of 217 Republican representatives voting yes. By contrast, 71 of 213 Democratic representatives voted successful favour of the bill.
Despite number Democratic support, the bipartisan support has attracted praise wrong the crypto sector. Crypto speech Coinbase noted “strong bipartisan support,” portion CLO Paul Grewal called the 71 Democratic votes “real progress” against the refusal to legislate.
The measure is not yet law. Senate indispensable ballot connected FIT21 astatine a aboriginal date.
Bill could assistance crypto thrive
Chairman Patrick McHenry called the ballot a “historic step,” asserting the measure provides “regulatory clarity and robust user protections” to assistance the US crypto ecosystem thrive.
The projected authorities aims to intelligibly specify however the SEC and CFTC tin modulate crypto arsenic securities and commodities by creating registration regimes for each.
The measure besides aims to guarantee that crypto issuers supply disclosures and information, connection issuers a wide way to raising funds, and clarify the applicable regimes for each issuer.
FIT21 besides aims to guarantee that exchanges, brokers, and dealers supply disclosures, segregate lawsuit funds from firm funds, and conscionable different requirements.
Opposition has emerged
Despite bulk bipartisan support, immoderate lawmakers and regulators person spoken retired against FIT21.
Democratic Representative Maxine Waters argued that the measure volition let crypto companies to flight work aft making “billions of dollars unlawfully issuing oregon facilitating the buying and selling of crypto securities.”
Meanwhile, SEC seat Gary Gensler publically opposed FIT21 earlier the vote, stating the projected authorities undermines the agency’s existing powers implicit concern contracts and securities.
The White House has stated that it opposes the measure but does not presently mean to veto it if it passes done the Senate floor.
The station House passes FIT21 crypto measure with bulk bipartisan support appeared archetypal connected CryptoSlate.
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