On Wednesday night, the US House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), marking the second piece of crypto-focused legislation that has advanced in Congress so far this month.
Bill passed 279 to 136. Seventy-one Democrats supported the bill.
Reps. Greg Casar (D-Texas), Brittany Pettersen (D-Col.), and Ralph Norman (R-S.C.) each proposed three amendments.
Casar’s proposed amendment to reduce the limit on crowd funding for crypto entities to $5,000,000 from $75,000,000 did not pass.
Pettersen & Norman’s amendments did not pass.
Norman’s Amendment requires that the Treasury Department and the CFTC, along with the Securities and Exchange Commission (SEC), complete a study and report jointly to Congress on any digital assets businesses owned by them. “governments of foreign adversaries,” Norman says
Norman explained that the change was inspired by China’s investment in Prometheum. This crypto company became the first to be granted a broker-dealer special license in 2023 from the SEC.
Pettersen’s amended expands Bank Secrecy to include Digital Asset Entities under the definition. “financial institution” The study is ordered to determine the risks that centralized intermediaries pose in those areas of the country where there are no anti-money laundering laws. “robust.”
“This amendment, combined with the underlying bill, will help provide more oversight into the digital asset market and support regulators’ work to protect consumers and investors,” Pettersen stated Wednesday, during the debate. “While there is more work to be done to ensure the integrity of our digital assets market, this amendment is an important step forward.”
FIT21 will now be sent to the Senate. White House announced Wednesday it is opposed to the bill. “lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.” It was not explicitly stated in the notice of May 22, that Joe Biden, should this measure reach his desk, would have a veto.
Biden and his team said last week that they would oppose Joint Resolution 109 (which seeks to repeal the SEC Staff Accounting Bulletin SAB 121) if it was passed.
After receiving support on both sides of the aisle, this resolution reached the desk of the president last week.
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