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The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) last week, a significant bill aimed at regulating cryptocurrency assets. Despite opposition from President Joe Biden and SEC Chair Gary Gensler, the bill garnered strong political support for blockchain regulations. The momentum for crypto regulation, initially bolstered by President Trump, continues to grow. However, many believe the bill is flawed and hope the Senate will slow its progress. The bill is unlikely to pass in the Senate before the November elections, but bipartisan momentum for crypto regulation is expected to persist regardless of the next administration. The bill marks a landmark step in U.S. crypto compliance.
FIT21 For Purpose: What the U.S. Congress’s New Bill Means for Crypto Compliance Last week, the U.S. House passed the Financial Innovation and Technology for the 21st Century Act, marking a landmark step in U.S. crypto regulation. Here’s what it means for crypto compliance. 🧵👇
Gathering from legislators/lawyers/lobbyists at Consensus that FIT21 is unlikely to pass in the Senate before the Nov election. However, they’ve also noted the emerging bipartisan momentum in Congress for crypto is real and here to stay independent of the next administration.…
Strong political support for blockchain regulations in the US 🗞️ Last week, the House passed FIT 21. As regulations unfold, @OpenZeppelin remains committed to providing innovators with the code, tooling, and expertise needed to comply with regulations both in the US and…
