U.S. Approves Pivotal Cryptocurrency Legislation: What It Means for Bitcoin (BTC) and Ethereum (ETH)

<ul>
  <li>The U.S. House of Representatives has approved the Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to provide regulatory clarity for cryptocurrencies.</li>
  <li>This legislation is seen as a significant step towards enhancing investor protection in the crypto space.</li>
  <li>Notably, the bill has been influenced by the ongoing Ripple vs SEC case and the efforts of the XRP community.</li>
</ul>
<p><strong>Discover the latest developments in crypto regulation with the approval of the FIT21 Act, promising greater clarity and investor protection.</strong></p>
<h2><strong>FIT21 Crypto Bill Passed</strong></h2>
<p>The FIT21 Crypto Bill, H.R. 4763, recently passed by the U.S. House of Representatives, aims to provide clear regulatory guidelines for crypto assets and enhance consumer protection. This legislation is considered the most significant crypto bill to date, gaining substantial support from Republicans and becoming a key topic ahead of the upcoming elections.</p>
<h3><strong>Impact on the Ripple Case</strong></h3>
<p>According to CryptoLaw, founded by Deaton Law Firm, the Ripple vs SEC case, Judge Torres' ruling, and the XRP community's quest for clarity have played crucial roles in shaping this legislation. A section of the crypto bill aims to clarify how cryptos sold under an investment contract should be treated, stating, "A crypto asset sold or transferred under an investment contract is not a security and does not become one due to its sale or transfer under such a contract."</p>
<h3><strong>What's Next?</strong></h3>
<p>In conclusion, the FIT21 bill, favorable to cryptocurrencies, has passed the House vote. It grants the U.S. Commodity Futures Trading Commission (CFTC) more authority over crypto assets deemed commodities while establishing new jurisdictional lines for the Securities and Exchange Commission (SEC). Crypto companies and asset issuers will now have a framework to determine whether their assets are securities and identify their primary regulators. However, the bill's path in the Senate remains uncertain. Although the White House has expressed opposition to the legislation, President Joe Biden has not threatened a veto.</p>
<h3><strong>Conclusion</strong></h3>
<p>The approval of the FIT21 Act marks a pivotal moment in the regulation of cryptocurrencies, offering much-needed clarity and protection for investors. As the bill moves to the Senate, its future remains uncertain, but its passage in the House represents a significant step towards a more regulated and secure crypto market.</p>