- The U.S. House of Representatives has taken a significant step by voting on the Financial Innovation and Technology for the 21st Century Act (FIT21).
- This landmark bipartisan crypto bill aims to provide regulatory clarity for digital assets, a move influenced by the Ripple vs SEC lawsuit and the XRP Army’s advocacy.
- Pro-XRP lawyer John Deaton highlights the crucial role of Judge Torres’ summary judgment in shaping this legislative development.
Discover how the FIT21 crypto bill, influenced by the Ripple vs SEC lawsuit and the XRP Army, aims to bring regulatory clarity to digital assets in the U.S.
FIT21 Crypto Bill Passes
The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), H.R. 4763, marking a pivotal moment in the regulation of digital assets. This bill, favored by Republicans, seeks to provide much-needed regulatory clarity and consumer protection in the crypto space. As the election year approaches, FIT21 has become a central topic of discussion.
Democratic Opposition and Support
While some Democrats have supported the bill, emphasizing its potential to clarify regulatory jurisdiction between the SEC and CFTC, others have voiced concerns. U.S. House Ranking Member Maxine Waters argues that the bill could create significant loopholes, potentially leading to fraud and investor losses. Despite these concerns, the White House has indicated it will not veto the bill if passed.
Mentions of Ripple Vs SEC in Part of FIT21
CryptoLaw, founded by Deaton Law Firm, has pointed out that the Ripple vs SEC lawsuit, Judge Torres’ decision, and the XRP Army’s persistent efforts have been instrumental in the creation of FIT21. A section of the bill aims to clarify the treatment of digital assets sold pursuant to an investment contract, stating that such assets do not become securities merely because of the sale or transfer.
Judge Torres’ Summary Judgment
Judge Torres’ ruling in the Ripple vs SEC case affirmed that while programmatic sales of tokens by exchanges are not securities, sales of tokens to institutions are. This distinction has prompted calls for amendments to existing securities laws to better accommodate new technologies. The XRP community has been vocal in advocating for these changes.
Conclusion
The passage of the FIT21 crypto bill represents a significant step towards regulatory clarity for digital assets in the U.S. Influenced by the Ripple vs SEC lawsuit and the efforts of the XRP Army, this legislation aims to balance innovation with consumer protection. As the bill progresses, it will be crucial to monitor its impact on the crypto industry and the broader financial landscape.
