According to The Block, the U.S. House of Representatives passed a comprehensive cryptocurrency market structure bill on Wednesday (22nd), marking the House’s first vote on comprehensive cryptocurrency legislation.
The House passed the Republican-led “Financial Innovation and Technology Act of the 21st Century” (FIT21) with 279 votes in favor and 136 votes against. 71 Democratic lawmakers supported the bill, including former House Speaker Nancy Pelosi.
The FIT21 bill will give the Commodity Futures Trading Commission (CFTC) more power and funding to oversee the cryptocurrency spot market and “digital commodities,” especially Bitcoin. The bill also establishes a process allowing digital commodities initially issued as part of investment contracts to be traded on the secondary market. Stablecoins and anti-money laundering provisions are also included in the bill.
While it is unlikely that the FIT21 bill will be brought to the Senate floor this year, it may set the groundwork for the new Congress in January.
Ron Hammond, Government Relations Director of the Blockchain Association, stated that the perception of Congress towards cryptocurrencies is changing. In a statement to The Block, Hammond added that FIT21 is “a significant turning point” and the connection between cryptocurrency voters and the upcoming election is undeniable. He mentioned that the Biden administration seems to be realizing the potential consequences of maintaining the status quo.
A statement released by the White House on Wednesday expressed opposition to the passage of FIT21, citing its impact on the regulation of digital assets in the U.S., while expressing a willingness to cooperate with Congress in formulating a regulatory framework for digital assets. Before the House vote, SEC Chairman Gary Gensler issued a statement condemning the cryptocurrency market structure bill, and several Democratic lawmakers also expressed opposition.
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