Small Victory in Passing FIT21
May 23, 2024
The U.S. House of Representatives has passed the “Financial Innovation and Technology for the 21st Century Act” (FIT21). The bill, which addresses the structure of the crypto market, was approved with a 279-136 vote and now moves to the U.S. Senate, where its future is much more uncertain. The Senate has no companion bill for FIT21, and leading legislators in the Democrat-controlled Senate have shown little interest in the bill. Additionally, the Biden administration has indicated its opposition to the proposal.
