As Coinbase moves toward clearer regulation, the U.S. House of Representatives passed the FIT21 crypto bill.

The U.S. House of Representatives approved the FIT21 cryptocurrency bill in a historic vote, a step toward providing clear regulation of digital assets that the cryptocurrency industry has long called for.

The 21st Century Financial Innovation and Technology Act (FIT21) crypto bill aims to provide a strong regulatory framework for the digital asset industry. However, the administration of current US President Joe Biden has publicly opposed it, arguing that it lacks the necessary protections for cryptocurrency investors and consumers.

“Thank you Congress,” said Paul Grewal, chief legal officer at cryptocurrency exchange Coinbase. “FIT21 is real progress.” “71 House Democrats have just joined their Republicans in pushing back against the scapegoating, fear-mongering and ignorance of their fellow lawmakers who have vetoed the legislation.”

Democrats cross party lines to support FIT21 cryptocurrency bill

FIT21 marks the first time a major cryptocurrency-related bill has been passed by Congress. That was after the bill won a favorable vote of 279 to 136, with some Democrats crossing party lines to support it.

In total, 71 Democrats and 208 Republicans voted in favor of the bill, while 3 Republicans and 133 Democrats opposed it.

Rep. Josh Gottheimer, D-N.J., one of the Democrats who supported the bill, called it “reasonable, thoughtful and bipartisan legislation.” He also argued ahead of the vote that FIT21 was “fit to become law if we work together.”

Biden Vote Against New Cryptocurrency Bill

As expected, Biden voted Although he opposed the bill, he did not say he would veto it.

Today’s historic vote on the House of Representatives’ FIT21 bill will finally begin to create some clear rules for regulating cryptocurrencies (if it becomes law).

Americans want to know that their representatives are protecting their right to use cryptocurrency and creating clear rules:

— Brian Armstrong (@brian_armstrong) May 22, 2024

The Biden administration has built a reputation for: Against Cryptocurrency Many are questioning the motivations behind the administration’s view of the industry.

“With today’s historic vote in the House of Representatives on the FIT21 Act, clear rules will finally begin to be created to regulate cryptocurrencies,” Coinbase CEO Brian Armstrong wrote in a post to X on May 22. “He said.

The FIT21 bill now advances to the U.S. Senate. With no equivalent legislation in place, its future remains unclear as it moves to the next phase. Despite yesterday’s victory, there is still a long way to go before the legislation’s proposed oversight is successfully implemented.

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