The FIT21 cryptocurrency market bill was passed today by the U.S. House of Representatives with bipartisan support. This is a significant development for the crypto, blockchain, and Web3 markets, as it represents a step towards reshaping digital asset regulations in the country.
The bill, which received a vote of 279-136 with 71 Democrats joining Republican members of the House, aims to support innovation while protecting consumers. If it is passed by the U.S. Senate and signed by President Joe Biden, it will grant the U.S. Commodity Futures Trading Commission (CFTC) authority over digital assets deemed to be commodities. Additionally, it will create a legal framework for the Securities and Exchange Commission (SEC) to operate within the digital asset space.
According to Sheila Warren, CEO of the Crypto Council for Innovation, this is a defining moment for the crypto industry. She believes that the vote represents years of effort from policymakers, their staff, and the industry to ensure consumer protection and maintain the U.S.’s position as a leader in digital innovation.
The passing of this bill is particularly significant for Web3 gaming companies that have raised substantial venture capital in recent years. With clearer regulations and guidelines, these companies will have a framework for determining if their assets are considered securities or not. This will help prevent future litigation between government regulators and startups, enabling companies to move forward with confidence.
One of the key aspects of the bill is the inclusion of a test to determine whether a project qualifies as a decentralized blockchain or not. This test will provide clarity and eliminate the vagueness that has previously caused disputes between regulators and startups.
Representative Ro Khanna from Silicon Valley emphasized the importance of fostering blockchain innovation within the United States. By creating a supportive regulatory environment, the U.S. can attract and retain talent in this rapidly growing industry.
Overall, the passing of the FIT21 cryptocurrency market bill is a significant step towards creating a more favorable regulatory landscape for the crypto, blockchain, and Web3 markets in the United States. It provides much-needed clarity for companies operating in this space and sets the stage for further innovation and growth in the industry.
