US passes historic cryptocurrency bill

On May 22, the United States House of Representatives approved the FIT21 bill, aimed at regulating the Bitcoin (BTC) ecosystem and other cryptocurrencies in the country.

The proposal, entitled Financial Innovation and Technology Law for the 21st Century (FIT21 Law), received 279 votes in favor and 136 against. In this way, he had massive support from Democratic Party congressmen.

This historic milestone represents the first time that a regulatory proposal for the cryptocurrency industry has been approved in one of the chambers of the US Congress.

With approval in the Chamber, the proposal now goes to debate in the Senate, where it faces an uncertain future due to the strong presence of the Republican Party. If approved, the law goes to the White House. President Joe Biden has already committed not to veto the proposal, despite reservations about its impact on the regulatory structure for digital assets in the US.

Regulation of cryptocurrencies

The White House, in a recent statement, highlighted a significant change in policy regarding the BTC and cryptoactive sector, emphasizing the intention to develop “balanced regulation” for Bitcoin. This move represents a departure from the government’s previous, more critical stance towards cryptocurrencies.

Congressman Tom Emmer, a well-known Bitcoin supporter, highlighted that the FIT21 Law goes beyond innovation, addressing issues of national security, consumer protection and global competitiveness.

“This is about shaping the future global digital economy and ensuring Americans have the clarity they need to seize this moment,” said Emmer.

The passage of the FIT21 Act is significant not only because it is the first regulatory proposal for the BTC and cryptocurrency sector to advance through the US legislative process, but also because it establishes the Commodity Futures Trading Commission (CFTC) as the lead body regulator for digital assets.

The law also more clearly defines what constitutes a cryptocurrency or token as a security or commodity, ending a prolonged debate among American regulators.

This is not the first effort by US congressmen to pass similar legislation. Several projects have been presented over the years, including initiatives led by Senator Cynthia Lummis, one of the defenders of the Bitcoin ecosystem.