The House Just Approved The FIT21 Bill!
TL;DR
The House approved the FIT21 bill which aims to provide regulatory clarity in the US for the web3 industry.
Full Story
Let’s cap things off with our third massive piece of good news for the week.
Remember on Wednesday morning when we wrote about how “One of the most important bills for crypto (ever) is about to be voted on” (that was literally the title of the piece)?
Well, that vote happened.
And the bill was passed.
As a recap, the bill was called the ‘Financial Innovation and Technology for the 21st Century Act’ (aka ‘FIT21’).
The three BIG things it aims to do are:
Clarify questions around which agencies have the responsibility to regulate various aspects of the crypto industry
Create consumer protections for the 52 million Americans who own crypto
Give web3 developers looking to launch projects in the U.S. clear rules to play by.
Again, like the CBDC bill from the previous article, the FIT21 bill has only passed the House so far and still needs to get through the Senate.
But heck, things are looking promising.
And if/when this bill passes the Senate, we’ll finally have some clear rules to play by > which in theory should lead to more innovation > which improves the economy and attracts more liquidity (money) to the space.
Who’s up for a running chest bump ahead of this long weekend?