{"id":544728,"date":"2023-07-27T22:00:25","date_gmt":"2023-07-27T22:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=544728"},"modified":"2024-06-11T14:39:08","modified_gmt":"2024-06-11T14:39:08","slug":"u-s-house-approves-major-crypto-bill-pushes-for-regulatory-framework","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/u-s-house-approves-major-crypto-bill-pushes-for-regulatory-framework\/","title":{"rendered":"U.S. House Approves Major Crypto Bill, Pushes For A Regulatory Framework"},"content":{"rendered":"

A noteworthy development has occurred in regulating the United States\u2019 crypto space as a House Committee has approved a bill to bring clarity into the industry.\u00a0<\/span><\/p>\n

On July 26, the U.S House Financial Services Committee approved<\/a> the Financial Innovation and Technology Act for the 21st Century Act, popularly known as FIT21.<\/span><\/p>\n

\n

#PASSED<\/a>: 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.<\/p>\n

Up next: @HouseAgGOP<\/a> considers the legislation tomorrow. pic.twitter.com\/kOyLmolPuz<\/a><\/p>\n

\u2014 Financial Services GOP (@FinancialCmte) July 26, 2023<\/a><\/p><\/blockquote>\n

After a long deliberation, the House Committee greenlighted the FIT21 bill with a 35-15 voting result.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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, \u201cAmerican innovation and national security.\u201d<\/span><\/p>\n

Related Reading: New Crypto Bill Demands SEC And CFTC To Draft Rules For Trading Platforms<\/a><\/div>\n

The FIT21 Act – A\u00a0 Landmark Legislation For U.S. Crypto Space?\u00a0<\/span><\/h2>\n

The Financial Innovation and Technology for the 21st Act was recently introduced to the House on July 20.\u00a0<\/span><\/p>\n

In the Act\u2019s introductory statements<\/a>, Representative French Hill, who serves as Chairman of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion, referred to the bill as a \u201clandmark legislation\u201d critical to creating an efficient regulatory framework to safeguard crypto users’ interests.<\/span><\/p>\n

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

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.\u00a0<\/span><\/p><\/blockquote>\n

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:<\/span><\/p>\n

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.<\/span><\/p><\/blockquote>\n

Related Reading: SEC Potential Appeal To Yield Little Effect On XRP, Crypto Lawyer Says<\/a><\/p>\n

\"CryptoTotal Crypto Market Cap Valued At $1.143 Trillion On Daily Chart | Source: TOTAL Chart On Tradingview.com\u00a0<\/a><\/pre>\n
U.S. Congress Finally Stepping Up Crypto Regulations<\/span><\/h2>\n
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.\u00a0<\/span><\/p>\n
U.S. Patrick McHenry highlighted this situation, stating the United States is \u201cfalling behind” other nations regarding digital asset regulation.\u00a0<\/span><\/p>\n
However, the introduction of the FTI21 Act, along with other bills such as the Blockchain Regulatory Act,<\/a> the Digital Asset Market Structure Proposal<\/a>, and the \u201cLummis-Gillibrand\u201d Bill<\/a>, suggests that the United States government may be ramping up its regulatory efforts in the crypto landscape.
\n<\/span><\/p>\n
Featured Image From Britannica, Chart From Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"
A noteworthy development has occurred in regulating the United States\u2019 crypto space as a House Committee has approved a bill to bring clarity into the industry.\u00a0 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 \u2014 Financial Services GOP (@FinancialCmte) July 26, 2023 After a long deliberation, the House Committee greenlighted the FIT21 bill with a 35-15 voting result.\u00a0 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, \u201cAmerican innovation and national security.\u201d Related Reading: New Crypto Bill Demands SEC And CFTC To Draft Rules For Trading Platforms The FIT21 Act – A\u00a0 Landmark Legislation For U.S. Crypto Space?\u00a0 The Financial Innovation and Technology for the 21st Act was recently introduced to the House on July 20.\u00a0 In the Act\u2019s 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 \u201clandmark legislation\u201d 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.\u00a0 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. Related Reading: SEC Potential Appeal To Yield Little Effect On XRP, Crypto Lawyer Says Total Crypto Market Cap Valued At $1.143 Trillion On Daily Chart | Source: TOTAL Chart On Tradingview.com\u00a0 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.\u00a0 U.S. Patrick McHenry highlighted this situation, stating the United States is \u201cfalling behind” other nations regarding digital asset regulation.\u00a0 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 \u201cLummis-Gillibrand\u201d 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<\/p>\n","protected":false},"author":581,"featured_media":544742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[5888,25921,88723,88722],"class_list":["post-544728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brian-armstrong","tag-crypto-bill","tag-fit21","tag-u-s-house-committee"],"acf":[],"yoast_head":"\nU.S. House Approves Major Crypto Bill, Pushes For Regulatory Framework<\/title>\n<meta name=\"description\" content=\"U.S House Financial Services Committee has approved a significant bill aimed at bringing clarity into the crypto industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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. 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 \u201cmusic nomad\u201d 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.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/wncen.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"U.S. House Approves Major Crypto Bill, Pushes For A Regulatory Framework","url":"http:\/\/wncen.com\/news\/u-s-house-approves-major-crypto-bill-pushes-for-regulatory-framework\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/u-s-house-approves-major-crypto-bill-pushes-for-regulatory-framework\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Chamber-US-House-of-Representatives-Washington-DC.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Chamber-US-House-of-Representatives-Washington-DC.jpg?fit=1600%2C1066"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["brian armstrong","crypto bill","fit21","u.s. house committee"],"dateCreated":"2023-07-27T22:00:25Z","datePublished":"2023-07-27T22:00:25Z","dateModified":"2024-06-11T14:39:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"U.S. House Approves Major Crypto Bill, Pushes For A Regulatory Framework\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/u-s-house-approves-major-crypto-bill-pushes-for-regulatory-framework\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/u-s-house-approves-major-crypto-bill-pushes-for-regulatory-framework\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Chamber-US-House-of-Representatives-Washington-DC.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Chamber-US-House-of-Representatives-Washington-DC.jpg?fit=1600%2C1066\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"brian armstrong\",\"crypto bill\",\"fit21\",\"u.s. house committee\"],\"dateCreated\":\"2023-07-27T22:00:25Z\",\"datePublished\":\"2023-07-27T22:00:25Z\",\"dateModified\":\"2024-06-11T14:39:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Chamber-US-House-of-Representatives-Washington-DC.jpg?fit=1600%2C1066","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544728"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544728"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544742"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}