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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

U.S. House Approves Major Crypto Bill, Pushes For A Regulatory Framework

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Crypto Bill

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A noteworthy development has occurred in regulating the United States’ crypto space as a House Committee has approved a bill to bring clarity into the industry. 

On July 26, the U.S House Financial Services Committee approved the Financial Innovation and Technology Act for the 21st Century Act, popularly known as FIT21.

#PASSED: In a historic first, the House Financial Services Committee just advanced the BIPARTISAN FIT for the 21st Century Act to protect consumers and provide clear rules of the road for the digital asset ecosystem.

Up next: @HouseAgGOP considers the legislation tomorrow. pic.twitter.com/kOyLmolPuz

— Financial Services GOP (@FinancialCmte) July 26, 2023

After a long deliberation, the House Committee greenlighted the FIT21 bill with a 35-15 voting result. 

It is worth stating that the FIT21 has been garnering attention, with Coinbase CEO Brian Armstrong taking to Twitter to urge crypto users in the United States to actively push for this bill’s approval.

Although Armstrong believed the bill would likely be modified as it passes the complete legislative process, its approval by the House Committee was vital to safeguard the crypto space, “American innovation and national security.”

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The FIT21 Act – A  Landmark Legislation For U.S. Crypto Space? 

The Financial Innovation and Technology for the 21st Act was recently introduced to the House on July 20. 

In the Act’s introductory statements, Representative French Hill, who serves as Chairman of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion, referred to the bill as a “landmark legislation” critical to creating an efficient regulatory framework to safeguard crypto users’ interests.

The U.S. House Representative further stated that this bill would have prevented the FTX crisis and provided much-needed clarity in crypto. Hill said:

This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants. 

In addition, the FIT21 Act will enhance cooperation between the two financial regulators trying to assume control of the U.S. crypto market. U.S. Representative Dusty Johnson, another sponsor of the bill, emphasized this motion saying:

The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.

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Crypto BillTotal Crypto Market Cap Valued At $1.143 Trillion On Daily Chart | Source: TOTAL Chart On Tradingview.com 

U.S. Congress Finally Stepping Up Crypto Regulations

The call for a regulatory framework in the U.S. crypto space has been on for quite some time, especially with multiple clampdowns by the SEC on various crypto exchanges and businesses in 2023. 

U.S. Patrick McHenry highlighted this situation, stating the United States is “falling behind” other nations regarding digital asset regulation. 

However, the introduction of the FTI21 Act, along with other bills such as the Blockchain Regulatory Act, the Digital Asset Market Structure Proposal, and the “Lummis-Gillibrand” Bill, suggests that the United States government may be ramping up its regulatory efforts in the crypto landscape.

Featured Image From Britannica, Chart From Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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