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ARTICLE · 18 JUNE 2024

CryptoLink - May 2024 Updates

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May was a historic month for the digital assets industry in Washington, D.C.

United StatesTechnology
Peter I. Altman
Peter I. Altman
Adam Hilkemann
Adam Hilkemann
Mitchell P. Hurley
Mitchell P. Hurley
Wael Jabsheh
Wael Jabsheh
Lance Jasper
Lance Jasper
Brad M. Kahn
Brad M. Kahn
James C. Munsell
James C. Munsell
Jacqueline Yecies
Jacqueline Yecies
Jean-Pierre Denour
Jean-Pierre Denour
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May was a historic month for the digital assets industry in Washington, D.C.

On May 22, 2024 the Financial Innovation and Technology for the 21st Century Act (FIT21) (H.R.4763) passed the House by a comfortable margin of 279-136. FIT21 is a proposed landmark piece of legislation that would enact a comprehensive regulatory framework for the digital assets industry. The bill was crafted collaboratively between Republicans on the House Financial Services and House Agriculture Committees and, to the surprise of many—including outgoing House Financial Services Committee Chair Patrick McHenry (R-NC), crypto's chief advocate on Capitol Hill—it garnered significant Democratic support. In all, 71 House Democrats voted in favor of FIT21, including notable figures like Minority Whip Katherine Clark (D-MA), Democratic Caucus Chair Pete Aguilar (D-CA), and former Speaker Nancy Pelosi (D-CA). Despite SEC Chair Gary Gensler's strong objections to the bill—Gensler issued a statement

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