Aiming to Regulate Crypto - US House of Reps Passes a Bill
Hey folks.
The House of Representatives overwhelmingly voted in favor of passing the FIT21 bill on Wednesday. In a statement, US Securities and Exchange Commission (SEC) Chair Gary Gensler, the White House, and the SEC raised concerns regarding the FIT21 bill's possible effects on investor safeguards.
On Wednesday, the Financial Innovation and Technology for the 21st Century Act (FIT21) was passed by the House of Representatives with a 279-136 vote to help set up a regulatory structure for crypto assets.
With 71 Democrats, the bill received bipartisan support which included form House Speaker Nancy Pelosi, joining 208 Republicans to vote in favor of the bill.
This comes after a bill to repeal the Securities and Exchange Commission's SAB121 regulation was passed by both the House of Representatives and the Senate.
On Wednesday, the Chairman of the Securities and Exchange Commission Gary Gensler stated that FIT21 poses a permanent threat to the protection of investors. Gary's major points of contention are the investment laws that are long-standing that have governed the United States securities market for a period of 90 years as well as the implications of the bill's adoption for the jurisdiction of the crypto market.
First introduced by the House of Financial Services and the House Agriculture committees, FIT21 was created to furnish a regulatory structure to guide the crypto industry.
A letter urging lawmakers to vote in favor of the bill's adoption was signed by roughly 60 prominent figures in the crypto industry last week.
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