In a significant stride for the US crypto industry, the FIT21 crypto bill gained bipartisan support as it was approved by the House of Representatives. This comprehensive bill aims to establish regulations for digital asset markets and received a 279-136 vote, with Democrats breaking party lines to endorse it.
This achievement marks the first instance of a major crypto bill passing in one of the chambers of Congress. However, the future of the bill remains uncertain as it now moves to the US Senate, where the absence of a counterpart bill and unclear support for the effort pose potential obstacles.
Notably, the relevant committees in the Senate have not devoted the same level of attention to crypto. While Wednesday’s approval is a step forward, the US still lags behind other global jurisdictions in terms of implementing comprehensive crypto regulations. Completion of the oversight process remains a pending task.