The FIT21 Act, a groundbreaking bill that classifies crypto assets as commodities as long as their blockchain is sufficiently decentralized, has successfully passed through the US House of Representatives. In an official statement released by the Financial Services Committee, it was revealed that the House has approved the new crypto bill, which aims to strengthen consumer protections and grant the Commodity Futures Trading Commission (CFTC) the authority to oversee digital assets. Republican Representative Patrick McHenry of North Carolina, who serves as the Chair of the Financial Services Committee, expressed his satisfaction with the passing of FIT21, emphasizing its significance in providing regulatory clarity and robust consumer protections for the thriving digital asset ecosystem in the United States. He also highlighted how the bill positions America as a leader in the future financial system and a hotspot for technological innovation.
In addition to the FIT21 Act, the House also approved the Securities Clarity Act introduced by Minnesota Representative Tom Emmer in 2020. This act aims to establish clear guidelines for digital assets. Emmer believes that the passage of the Securities Clarity Act and FIT21 will pave the way for American digital asset innovation to flourish. He views this globally competitive framework as essential in providing entrepreneurs with the clarity and confidence needed to build their businesses in the United States while ensuring that the next generation of the internet aligns with American values.
Earlier this week, the White House hinted that it would not veto the bill if it passed, despite opposition from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC). Gensler expressed concerns that the bill could create regulatory gaps and conflicts with existing securities laws. Although the White House does not endorse the bill, it expressed a willingness to collaborate with Congress to enhance its provisions.
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