The Financial Innovation and Technology for the 21st Century Act, a comprehensive American crypto bill, recently received the green signal from the House of Representatives.
The US House of Representatives passed an American crypto bill that was part of several discussions lately. The Financial Services Committee published a press release on the approval and specified the bill’s details. FIT21, or the Financial Innovation and Technology for the 21st Century Act, lays down specific crypto regulatory frameworks. The passage of the bill into law now awaits the decision of the Senate.
A majority of the lawmakers voted in favor of the bill. As a result, the crypto regulatory bill received bipartisan support. Regulators like the SEC and the CFTC in the US will receive clear mandates on crypto regulation if the bill becomes law.
Meanwhile, Patrick McHenry, Chair of the Financial Services Committee, said, “FIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States. The bill also ensures America leads the financial system of the future and remains a hub for technological innovation.”
McHenry has been behind initiatives for crypto regulations in the US for over a year. He has rallied behind transparent regulation for the sector, citing the potential of the crypto industry. Other lawmakers also lauded the bill’s approval and noted that it was a historic moment in the US.
Apart from issuing regulatory power for monitoring crypto firms, the bill also ensures consumer protection. In light of the US witnessing a few instances of crypto firms’ bankruptcy, these regulations could come as a breather. Moreover, it will promote the adoption of crypto, through well-regulated frameworks for both crypto firms and investors. All eyes may now focus on the next phases of the bill.
Check out Millionero’s blog, which tracks the global cryptos sector and its latest updates!