๐๐ U.S. House of Representatives passes the FIT21 Act, a major step for #crypto regulation! This bill aims to clarify how digital assets should be classified, registered, and held.
๐ The bill received almost unanimous support from Republicans and 71 votes from Democrats, with a final tally of 279 to 136.
๐ผ FIT21 includes an interim oversight process for digital asset firms, allowing them to file a 'notice of intent to register' with federal regulators. It also clarifies which digital assets should be regulated by the SEC or the CFTC.
๐ค However, not everyone's on board. Some Democrats and SEC chairman Gary Gensler believe the bill favors wealthy crypto firms and hurts ordinary investors.
๐บ๐ธ Despite opposition, a significant number of Democrats supported the bill, urging their party to keep pace with rivals on crypto regulation.
What are your thoughts on the FIT21 Act? Let's chat below! ๐ #DeFi #Web3