The US Congress has passed a crypto bill seeking to provide a clear regulatory framework for cryptocurrencies.
The Financial Innovation and Technology for the 21st Century Act (FIT21) bill passed a Congress vote on May 22. 208 Republicans and 71 Democrats voted in favor of the bill.
The vote by a significant number of Democrats was surprising, as a majority have maintained an anti-crypto stance. It also comes when the US crypto market is shaping the face of politics.
Crypto Bill Paves the Way for a Robust Regulatory Framework
The US Senate still has months to deliberate on the bill and act on it. The bill will likely have to be considered by the Senate committee. For it to pass, it will need the approval of 51 Senators.
Parts of the FIT21 bill could also change. If the House and Senate members have differing versions of the bill, they must be ironed out. If it passes the US Senate vote, it will go back to Congress for final approval.
The US President will then have to sign the bill for it to become law. The White House had earlier said that the Biden administration planned on vetoing the bill if it passes. However, in a recent change of heart, the White House said it would not veto the bill despite disagreeing.
Crypto Market Applauds Bill
The passage of this critical bill has attracted the attention of the crypto industry. Crypto market participants in the US have long decried the lack of solid regulatory frameworks, with this bill now presenting a new framework.
While reacting to the news, Coinbase’s CEO, Brian Armstrong, opined that crypto voters in the US will not forget the trajectory of the voting process. He also noted the bill was a significant win for the industry.
“This is a resounding win in the House for clear crypto rules, Armstrong said. “Sensible regulation of crypto just took a big step forward. Next stop is the Senate.”
Closing Thoughts
The crypto regulatory landscape in the US is shifting. Legislators are positioning themselves to scoop crypto votes as the US November elections approach.
The recent passage of the FIT21, which saw the surprising support of democrats, including Nancy Pelosi, signals that the US crypto community is playing a significant role in the upcoming elections.
