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The U.S. House of Representatives today passed the FIT21 Cryptocurrency Markets Act with bipartisan support.
House Republicans were joined by 71 Democrats, and the Financial Innovation and Technology Act passed 279-136. This bill is one of the biggest bills passed this year for the cryptocurrency, blockchain, and Web3 markets. This bodes well for the Web3 gaming company, which has raised a lot of venture capital in recent years.
The bill aims to reshape U.S. digital asset regulation to support innovation while protecting consumers.
If FIT21 passes the U.S. Senate and is signed by President Joe Biden, it would give the Commodity Futures Trading Commission (CFTC) authority over digital assets considered commodities and create a legal domain for the Securities and Exchange Commission (SEC).
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“This is a defining moment for the cryptocurrency industry,” Sheila Warren, CEO of the Cryptocurrency Innovation Council, said in a statement.
The council said the vote was the culmination of years of hard work by policymakers, their staff and industry to protect consumers and keep the United States at the forefront of digital innovation.
Cryptocurrency companies and digital asset manufacturers (including gaming companies) will have a framework for determining whether their assets are securities under the conditions defined in the bill. In the past, such ambiguity has led to a number of lawsuits between government regulators and startups trying to move quickly. The bill includes a test to see if a project meets the requirements for decentralized blockchain.
Silicon Valley Rep. Ro Khanna (D-Calif.) argued that blockchain innovation should happen in the United States.
