- FIT21 received bipartisan support with 279 votes in favour and 136 against.
- The bill requires 51 votes in the Senate to pass and face potential opposition.
- Ripple CEO and Cardano founder have publicly supported the FIT21 bill.
The United States House of Representatives has taken a crucial step further towards providing more transparent clarification on cryptocurrencies by passing of the Financial Innovation and Technology for the 21st Century Act (FIT21). There was reasonable support from both the Democrats and the Republicans as the House approved the bill with 279 support votes against 136 negative votes and 71 Democrats supported the bill.
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Industry Leaders React
Brad Garlinghouse, the CEO of Ripple, and Charles Hoskinson, the founder of Cardano, have taken to their accounts to express Positive sentiments concerning the bill. On a social media platform, Hoskinson commended 71 Democrats that supported FIT21 by calling them “71 good Democrats. ”
Despite this, Garlinghouse used the opportunity to express disappointment in Gensler and SEC Chair Gary Gensler whose stance might have caused Democrats to vote for the bill. He boldly defended it by saying, “We are just getting started.”
FIT21 Bill in the Senate
The FIT21 bill now goes to the U. S. Senate where it will need at least 51 votes to pass in the 100-member Senate. However, there are few issues that may act as a concern and possible opposition from major crypto critics such as Senator Elizabeth Warren.
If the Senate passes the bill, it shall be presented to Joe Biden as the President of the United States who has the mandate to sign it into law or reject it through a veto. However, the House and Senate can still pass the bill by gaining a two-thirds vote within the said assembly.
This legislative activity reflects the gradual expansion of the number of cryptocurrencies in the financial system of the United States and the efforts to regulate them to encourage innovation and protect investors from fraud. The industry will be following up closely as the FIT21 bill gets to the senate.
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