USA - The Chamber says YES to FIT21! A new era opens for crypto!

It is indeed a strong signal sent by the United States House of Representatives. By adopting the FIT21 bill with 279 votes to 136, it marks a decisive turning point to bring regulatory clarity and consumer protection in the digital asset market in the U.S. A giant step toward consolidating American leadership in crypto innovation and regulation.

Crypto Adoption: Partisan Divides Surpassed

Beyond the usual partisan divisions, the vote in favor of FIT21 gathered support from both political sides! A rather rare occurrence. Alongside the 208 favorable Republican votes, 71 Democratic votes were added. Nearly a third of the Democrats crossed the line to support this crypto-related text.

This unexpected adherence from the Democrats sends a stinging message to the Biden administration. Positioning as “anti-crypto” would be a losing strategy in this election year. Many elected officials, like Republican John Roe, have denounced the regulation by “enforcement” practiced so far! They believe it is time to establish a clear framework rather than hinder digital innovation.

A Momentum to Materialize

The chairpersons of the relevant committees welcomed this historic advancement. Patrick McHenry emphasized the contribution of FIT21 in terms of regulatory clarity and consumer protection. These elements are essential for the development of the U.S. crypto ecosystem.

Representative French Hill, the originator of the bill, recalled that it responded to previous calls from the government to legislate on digital assets, in accordance with presidential and financial authorities’ recommendations.

While a few dissenting voices, like Brad Sherman, concerned about potential competition to the dollar, were heard, the general enthusiasm prevailed. Many see this vote as a step toward establishing a favorable framework for crypto innovation in the U.S.

After this vote, all attention is now turned to the U.S. Senate. The House has issued a clear call for swift action from the Senate and the administration to avoid hindering the growth of the crypto industry. While debates will continue, the adoption of FIT21 undoubtedly marks a pivotal stage for the future regulatory and innovative landscape of crypto in the U.S.