House Passes Cryptocurrency Bill Promising Regulatory Clarity

After many iterations over the years attempting to regulate the cryptocurrency space, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21 Act, on May 22, 2024¹. The bipartisan vote was 279-136.

This legislation marks a considerable milestone in establishing a U.S. regulatory framework for the digital asset market, and compared to prior years' bipartisan and bicameral attempts, shows the most promise of becoming law. After years of industry grievance regarding the absence of a method to comply with the previous U.S. framework, this passage signifies Congress' commitment to bring stability to the digital asset market.

The bill was sponsored by Glenn Thompson (R-PA) and co-sponsored by a politically diverse bipartisan coalition including several members who have long argued for legislative solutions to many of the digital asset challenges: French Hill (R-AR), Patrick McHenry (R-NC), Tom Emmer (R-MN) and