Currencies29271
Market Cap$ 2.37T-0.41%
24h Spot Volume$ 53.11B-0.57%
DominanceBTC50.87%-1.56%ETH17.11%-1.48%
ETH Gas4 Gwei
Cryptorank
MainNewsThe Financia...

The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House


The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat crypto assets as commodities provided their blockchain is decentralized enough, has passed the US House of Representatives.

According to a new press release by the Financial Services Committee, the House has passed the new crypto bill, which would bolster consumer protections and give the Commodity Futures Trading Commission (CFTC) authority over digital assets.

As stated by Republican Representative Patrick McHenry of North Carolina, the Chair of the Financial Services Committee,

“Today, the House took a historic step by passing FIT21 with broad, bipartisan support. 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.”

Furthermore, Minnesota Representative Tom Emmer’s Securities Clarity Act which was initially introduced in 2020 with the aim of properly classifying digital assets was passed as well as part of FIT21. According to Emmer, this marks a step toward clear crypto guidelines.

“With the passage of the Securities Clarity Act and FIT21, American digital asset innovation can flourish. This globally competitive framework will give entrepreneurs the clarity and assurance they need to build here, in the United States, while ensuring the next iteration of the web emulates our values.”

Earlier this week, the White House hinted that it would not veto if passed despite facing opposition from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC).

According to Gensler, the bill would create regulatory gaps and conflicts with current securities laws. Though the White House said it does not support the bill, it noted that it’s willing to work with Congress to improve it.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/kikk/Natalia Siiatovskaia

The post The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

Whales abandon Shiba Inu: What’s next for SHIB price?

Whales abandon Shiba Inu: What’s next for SHIB price?

The short to mid-term future for SHIB looks bleak and here are the reasons why.
Jun, 25, 2024
by AMBCrypto
“$1M per Bitcoin is reasonable, not impossible,” says Strike CEO

“$1M per Bitcoin is reasonable, not impossible,” says Strike CEO

Strike’s Jack Mallers eyes $1M per BTC amid the sovereign debt crisis and looming mon...
Jun, 25, 2024
by AMBCrypto
MainNewsThe Financia...

The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House


The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat crypto assets as commodities provided their blockchain is decentralized enough, has passed the US House of Representatives.

According to a new press release by the Financial Services Committee, the House has passed the new crypto bill, which would bolster consumer protections and give the Commodity Futures Trading Commission (CFTC) authority over digital assets.

As stated by Republican Representative Patrick McHenry of North Carolina, the Chair of the Financial Services Committee,

“Today, the House took a historic step by passing FIT21 with broad, bipartisan support. 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.”

Furthermore, Minnesota Representative Tom Emmer’s Securities Clarity Act which was initially introduced in 2020 with the aim of properly classifying digital assets was passed as well as part of FIT21. According to Emmer, this marks a step toward clear crypto guidelines.

“With the passage of the Securities Clarity Act and FIT21, American digital asset innovation can flourish. This globally competitive framework will give entrepreneurs the clarity and assurance they need to build here, in the United States, while ensuring the next iteration of the web emulates our values.”

Earlier this week, the White House hinted that it would not veto if passed despite facing opposition from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC).

According to Gensler, the bill would create regulatory gaps and conflicts with current securities laws. Though the White House said it does not support the bill, it noted that it’s willing to work with Congress to improve it.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/kikk/Natalia Siiatovskaia

The post The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

Whales abandon Shiba Inu: What’s next for SHIB price?

Whales abandon Shiba Inu: What’s next for SHIB price?

The short to mid-term future for SHIB looks bleak and here are the reasons why.
Jun, 25, 2024
by AMBCrypto
“$1M per Bitcoin is reasonable, not impossible,” says Strike CEO

“$1M per Bitcoin is reasonable, not impossible,” says Strike CEO

Strike’s Jack Mallers eyes $1M per BTC amid the sovereign debt crisis and looming mon...
Jun, 25, 2024
by AMBCrypto