In a significant victory for the crypto industry, the US House of Representatives passed a comprehensive bill on Wednesday to establish regulations for digital asset markets.
The bill, called the Financial Innovation and Technology for the 21st Century Act (FIT21), received a bipartisan 279-136 vote, with Democrats breaking party lines to support it. This is the first major crypto bill to be passed by one of the chambers of Congress.
However, its future in the Senate is uncertain as there is currently no counterpart bill and support among senators is unclear. The necessary committees have also not done as much work on crypto regulations.
The US has been lagging behind other global jurisdictions in establishing regulations for the crypto industry, and despite this recent win, there are still many steps to be taken before implementation is complete.
Democratic Representative Josh Gottheimer, who was one of the Democrats to support the bill, stressed the need for regulations, calling the legislation a “well-reasoned, thoughtful, bipartisan” effort. He urged for collaboration in making it into law.
