The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22.In all, 279 representatives voted yes, 136 voted no, and 15 abstained from voting on the proposed crypto legislation.The bill received bipartisan support but mainly received Republican votes, with 208 of 217 Republican representatives voting yes. By contrast, 71 of 213 Democratic representatives voted in favor of the bill.Despite minority Democratic support, the bipartisan approval has attracted praise within the crypto sector. Crypto exchange Coinbase noted “strong bipartisan support,” while CLO Paul Grewal called the 71 Democratic votes “real progress” against the refusal to legislate.The bill is not yet law. Senate must vote on FIT21 at a later date.Chairman Patrick McHenry called the vote a “historic step,” asserting the bill provides “regulatory clarity and robust consumer protections” to help the US crypto ecosystem thrive.The proposed legislation aims to clearly define how the SEC and CFTC can regulate crypto as securities and commodities by creating registration regimes for each.The bill also aims to ensure that crypto issuers provide disclosures and information, offer issuers a clear path to raising funds, and clarify the relevant regimes for each issuer.FIT21 also aims to ensure that exchanges, brokers, and dealers provide disclosures, segregate customer funds from corporate funds, and meet other requirements.Despite majority bipartisan support, some lawmakers and regulators have spoken out against FIT21.Democratic Representative Maxine Waters argued that the bill will allow crypto companies to escape responsibility after making “billions of dollars unlawfully issuing or facilitating the buying and selling of crypto securities.”Meanwhile, SEC chair Gary Gensler publicly opposed FIT21 before the vote, stating the proposed legislation undermines the agency’s existing powers over investment contracts and securities.The White House has stated that it opposes the bill but does not currently intend to veto it if it passes through the Senate floor.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Stay ahead in the crypto game: Follow us on X for daily updates and analysis.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
