The Lower House of the United States finally approved the FIT21 bill, aimed at regulating the bitcoin (BTC) ecosystem and cryptocurrencies in that country, and now awaits debate in the Senate.
In the session held on May 22, congressmen approved with 279 votes in favor and 136 against the proposal, called the Financial Innovation and Technology Law for the 21st Century (FIT21 Law). A project that It had massive support from Democratic Party congressmen.
For the first time, a proposal to regulate the United States cryptocurrency industry is officially approved in one of the chambers of Congress. Now, the proposal will have to be debated in the Senate, where it could face an uncertain future, especially due to the strong presence of the Republican Party.
Whatever the case, if the FIT21 bill is approved in the Upper House, it will go to the Oval Office of US President Joe Biden, who promised not to veto the regulatory proposal if the Senate decides to approve it.
As reported by CriptoNoticias, the White House issued a statement this week highlighting a 180-degree turn in the policy it has maintained regarding the BTC sector and crypto assets.
In the letter, the US Executive highlights its intention to develop “balanced regulation” for BTC. Therefore, they will not veto the project, even though they stated that they do not agree with that proposal because “it would affect the regulatory structure of digital assets in the United States.”
Regarding the approval of the FIT21 Law in the United States Lower House, Congressman Tom Emmer, who has openly expressed his support for the bitcoin ecosystem, asserted that this regulation “opens a conversation beyond innovation.”
“This is about national security, consumer protection and global competitiveness. It is about shaping what the future global digital economy will look like and how it will work. Let’s give Americans the clarity they need to seize this moment,” Emmer said in his turn to speak.
Why is the FIT21 law important?
The draft Financial Innovation and Technology Law for the 21st Century denotes its importance as it is the first regulation proposal for the BTC and cryptocurrency sector that is advancing steadily in the US legislative processapproaching its promulgation as a law of that country.
In retrospect, it is not the first time that US congressmen have tried to pass a similar bill. There have been all kinds of them and they have been promoted by different politicians, including Cynthia Lummis, one of the defenders of the bitcoin ecosystem.
Furthermore, if the proposal becomes law, it would establish the implementation of a regulatory regime for the cryptocurrency market in the United States, prioritizing consumer protection.
The regulations further establish the assignment of the Commodity Futures Trading Commission (CFTC) as the main regulatory body for digital assets. In addition, it would define more clearly what turns a cryptocurrency or token into a security or commodity.
The latter would put an end to the debate that has been brewing among US regulators, who have sought to regulate cryptocurrencies as if they were securities. This is the case of the Securities and Exchange Commission (SEC), which has a list of lawsuits, accusations and accusations against companies and digital assets that they consider as securities.
