Comparison of the FIT Act and Lummis-Gillibrand

Key Insights

• The FIT Act and Lummis-Gillibrand are the most comprehensive crypto bills introduced in U.S. Congress to date.
• Both aim to provide regulatory clarity by addressing critical issues and drawing on existing statutory frameworks while tailoring rules for the uniqueness of digital assets.
• The bills are unlikely to pass this Congress but provide a foundation for future proposals.
• We provide a summary of the similarities and differences between key provisions included in these two proposals.

Overview

The FIT Act (Financial Innovation and Technology for the 21st Century Act) and Lummis-Gillibrand are the two most comprehensive crypto bills introduced in the U.S. Congress to date. Both bills aim to provide regulatory clarity for the crypto market by addressing critical issues like whether and when digital asset sales should be treated as securities or commodities, and how intermediaries should be regulated.