House Passes Pro-Crypto Bill FIT21 Amid Political Divide and Regulatory Clarity Debate

The US House of Representatives successfully passed the pro-crypto bill FIT21, garnering bipartisan support with Democrats and Republicans backing the legislation. The bill is designed to bring regulatory clarity to the digital assets market, particularly defining the roles of the SEC and CFTC.

Although hailed as a significant step towards clear rules for responsible innovation and consumer protection, the bill faces opposition from the White House and SEC Chair, who argue for stronger safeguards in digital asset transactions. Despite the House's approval, the bill's fate in the Senate remains uncertain, with debates surrounding the necessity of a counterpart bill and support in relevant committees.

The White House's decision not to veto the bill showcases a willingness to engage with Congress on future legislation regarding digital asset regulations, hinting at ongoing efforts to establish a comprehensive regulatory framework for the industry.