🚀Big news for the #crypto industry! The U.S. House has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), marking a significant legislative win for the sector. With a 279-136 vote, Democrats crossed party lines to support the bill. 🎉

FIT21, the first major crypto bill to clear a chamber of Congress, aims to establish regulations for digital assets markets. However, its future in the U.S. Senate remains uncertain, as there's no counterpart bill and support is unclear.

Despite this victory, the U.S. is still playing catch-up with other global jurisdictions in establishing crypto regulations. The legislation would set consumer protections, install the CFTC as a leading regulator of digital assets, and clearly define what makes a crypto token a security or a commodity.

But not everyone's on board. President Biden opposed the bill, and SEC Chair Gary Gensler argued it wasn't needed and endangered existing securities regulations.

What are your thoughts on this landmark bill? Do you think it will pass in the Senate? Let's discuss! 💬 #CryptoNews #Blockchain