US House Passes FIT21 Act, Recognizing Crypto as Commodities
The US House of Representatives recently passed the Financial Innovation and Technology for the 21 Century (FIT21) Act, a significant milestone for the crypto industry. The bill aims to treat crypto assets as commodities, provided their blockchain technology is decentralized enough. This move is expected to enhance consumer protections and grant the Commodity Futures Trading Commission (CFTC) authority over digital assets.
Historic Bipartisan Support for FIT21
Republican Representative Patrick McHenry of North Carolina, the Chair of the Financial Services Committee, hailed the passing of FIT21 as a historic and bipartisan achievement. He emphasized that the bill would provide regulatory clarity and robust consumer protections crucial for the growth of the digital asset ecosystem in the United States. Additionally, McHenry noted that FIT21 would position America as a leader in the financial system of the future.
- US House approves the FIT21 Act, recognizing crypto assets as commodities
- The bill bolsters consumer protections and grants the CFTC authority over digital assets
- Republican Representative Patrick McHenry praises the bill for its regulatory clarity and consumer safeguards
- Minnesota Representative Tom Emmer’s Securities Clarity Act also included in FIT21
- White House hints at not vetoing the bill despite opposition from SEC Chair Gary Gensler
Securities Clarity Act and FIT21
As part of the FIT21 Act, the Securities Clarity Act introduced by Minnesota Representative Tom Emmer in 2020 was also passed. The Securities Clarity Act aims to properly classify digital assets, providing a framework for clear guidelines within the crypto industry. Emmer believes that this move will foster digital asset innovation in the United States and create a globally competitive environment for entrepreneurs.
White House’s Position on FIT21
Despite facing opposition from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), the White House has indicated that it would not veto the bill if passed. Gensler has raised concerns about potential regulatory gaps and conflicts with existing securities laws. While the White House has not expressed explicit support for FIT21, it has shown a willingness to collaborate with Congress to enhance the bill.
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The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House. Source: Link
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