US House Passes Bipartisan Bill Classifying 'Most Cryptocurrencies as Commodities'

IconCryptoNewsTerminal Staff22 May, 2024

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US House Passes Bipartisan Bill Classifying 'Most Cryptocurrencies as Commodities'

The 21st Century Financial Innovation and Technology (FIT21 Act) bill has now made its way through the United States House, according to the WatcherGuru Twitter account. The legislation had previously made it through the House Agriculture and Financial Services Committee last year, and it had gotten the go-ahead for a vote earlier this month. The FIT21 Act is a bipartisan bill that aims to create a clear regulatory framework for digital assets. The bill would classify most cryptocurrencies as commodities, which would bring them under the jurisdiction of the Commodity Futures Trading Commission (CFTC). This would provide much-needed clarity for the cryptocurrency industry and would help to protect investors. The FIT21 Act is a positive step forward for the cryptocurrency industry. It would provide much-needed clarity for the industry and would help to protect investors. The bill is now headed to the Senate, where it is expected to face a tougher challenge. However, the passage of the bill through the House is a significant victory for the cryptocurrency industry.

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