Crypto Industry Scores Major Win as U.S. House Passes FIT21 Bill

• US House passes landmark crypto bill, FIT21, marking industry victory.
• Coinbase co-founder highlights growing influence of young crypto supporters.
• Coinbase CEO Brian Armstrong acknowledges the House’s efforts to bring regulatory clarity to the industry.

The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act , also known as FIT21, marking a significant victory for the crypto industry in the United States. The Republican-led bill was approved by a vote of 279-136, with notable support from Democrats.

Fred Ehrsam, the co-founder of Coinbase, reacted to the historic development in the US crypto market on X, highlighting the potential of the crypto industry and the influence of its young supporters.

According to his assertions, about 30% of crypto ownership lies among citizens aged 18-45. He added that these young supporters would constitute a significant percentage of global wealth and governance power. Ehrsam posited, “Crypto will continue to gain power due to demographic tailwinds.”

Notably, the FIT21 bill is a consumer protection bill designed to establish a regulatory framework for digital assets. According to Chairman Patrick McHenry, FIT21 aims to bring regulatory clarity to the US crypto industry. He stated:

“FIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States. The bill also ensures America leads the financial system of the future and remains a hub for technological innovation.”

Coinbase CEO Brian Armstrong acknowledged the development as a milestone, adding, “Democracy is working.” Pointing out the House of Representatives’ efforts in establishing comprehensive crypto regulatory rules, Armstrong stated :  

“Americans want to know their representatives are protecting their rights to use crypto, creating clear rules to protect consumers, and won’t let the lack of clarity be weaponized by a few activists in the administration trying to unlawfully kill an industry.”

The White House issued an objection to the passage of the bill, claiming that it would “affect the regulatory structure for digital assets in the United States.” However, the Administration shared its enthusiasm for joining the Congress “to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities.”