The Financial Innovation and Technology for the 21st Century Act (FIT21) has achieved a significant milestone in cryptocurrency regulation by successfully passing the U.S. House of Representatives with strong bipartisan support. However, the future of the bill in the Senate remains uncertain, causing uncertainty for the long-term regulatory landscape of cryptocurrencies like Bitcoin and XRP.
The FIT21 Act, also known as the Financial Innovation and Technology for the 21st Century Act, has recently been approved by the U.S. House of Representatives, marking a crucial step forward in the regulation of cryptocurrencies. The bill received bipartisan support, with a vote of 279-136, and has garnered both support and opposition from key figures, including President Biden and Democratic leaders.
In addition, recent reports from CNF have highlighted Ripple (XRP)’s growing acceptance in political circles. This is evident from their inclusion as a donation option at Donald Trump’s 2024 campaign rallies.
The FIT21 bill aims to establish a clear regulatory framework for digital assets by designating the Commodity Futures Trading Commission (CFTC) as the primary regulator. This move is intended to differentiate between cryptocurrencies as securities or commodities.
Despite its approval in the House, the bill’s future in the Senate is uncertain, as there is currently no similar legislation in place. This situation highlights the ongoing global debate surrounding the necessity and impact of cryptocurrency regulation.
The crypto industry celebrated a significant victory with the passage of the FIT21 Act in the House. This milestone sets a precedent for the regulation of digital asset markets. The bill appoints the CFTC as the principal regulator for digital assets and provides detailed guidelines for categorizing crypto tokens as securities or commodities.
However, the future of the FIT21 Act in the Senate is uncertain. There is a lack of a counterpart bill, and the relevant committees have not shown the same level of commitment to cryptocurrency regulation as seen in the House. This legislative gap underscores the challenges and complexities involved in establishing cohesive crypto regulations across different governing bodies in the U.S.
In light of recent market data, Ripple (XRP) has experienced a notable increase in value, currently trading at $0.5292 with a 1.93% rise over the past week. This indicates investor optimism in response to these regulatory developments and increased political engagement.
For more information about Bitcoin, you can refer to our recommended resources, including a guide on buying Bitcoin, a tutorial on Bitcoin wallets, and a 24-hour Bitcoin price check. Additionally, you can find more Bitcoin news and learn about the basics of Bitcoin.