# U.S. House Passes “FIT21” Crypto Bill

*Author: William M. Peaster*
*Published: May 22, 2024*
*Source: https://www.bankless.com/de/house-passes-fit21-bill*

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The U.S. House of Representatives [just passed](https://blockworks.co/news/house-passes-act-fit21-with-bipartisan-support) the Financial Innovation and Technology for the 21st Century Act (FIT21), marking a significant milestone in crypto regulation.

### What's the scoop?
- The House voted 279-136 to approve the bill, with 71 Democrats joining 208 Republicans in favor.
- FIT21 aims to regulate the digital assets market and would empower the Commodity Futures Trading Commission (CFTC) as a key regulator alongside the Securities and Exchange Commission (SEC). The bill also includes consumer protections and provisions for stablecoins and anti-money laundering processes.
- High-profile Democrats, including former House Speaker Nancy Pelosi, supported the bill, highlighting the rising bipartisan tide around crypto regulation. 
- Several amendments were considered, with only those by Reps. Brittany Pettersen (D-Colo.) and Ralph Norman (R-S.C.) passing. Pettersen's amendment expands the Bank Secrecy Act to digital assets, while Norman's requires a study on foreign-owned digital asset businesses.

### Bankless take:
The FIT21 legislation now moves to the U.S. Senate, where its future is uncertain due to a lack of a companion bill and unclear support. Even if FIT21 were to pass the upper house of Congress, it would still be subject to a potential veto by President Biden, who has been [critical of the bill](https://www.bankless.com/biden-gensler-fit21) but hasn’t confirmed any veto plans yet. 

Whatever happens, it’s the first major non-resolution crypto bill approved by the U.S. House, marking a big political win for the crypto industry. The passing of the bill’s first hurdle coincides with a seemingly thawing regulatory environment in the U.S., as [Ethereum ETFs](https://www.bankless.com/ethereum-etf-approval-incoming) seem on the verge of approval and the Senate recently repealed a [SEC-backed crypto rule](https://www.bankless.com/senate-repeals-sec-rule). 

If FIT21 *does* go on to succeed in the Senate, a new era of more sensible American crypto regulation would be decidedly within reach. 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/05/image---2024-05-22T160628.820.png)](https://x.com/jchervinsky/status/1793398130269954346)*via [X](https://x.com/jchervinsky/status/1793398130269954346)*