US House Approves Bill to Establish Regulations for Crypto Markets

The Financial Innovation and Technology for the 21st Century Act (FIT21) has been approved by the US House of Representatives with a 279-136 vote, marking the industry's most significant legislative accomplishment in Congress. The bill would establish regulations for digital assets markets and set consumer protections, with the Commodity Futures Trading Commission (CFTC) as a leading regulator of digital assets. However, the bill's future in the US Senate is uncertain as there is no counterpart bill, and support for such an effort remains unclear. The legislation is largely driven by House Republicans, while Democrats have crossed party lines to support it.