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The Week in Crypto Policy: House Passes FIT 21 With Massive Bipartisan Vote
Key Insights
- The House passed FIT 21 by a 279-136 vote, with 71 Democrats joining nearly all Republicans in supporting new rules tailored for digital assets.
- The House also passed a bill to prohibit the Fed from issuing, or even developing, a CBDC by a nearly straight party-line vote of 216-192.
- The SEC approved critical regulatory filings for eight spot Ether ETPs, effectively recognizing Ether is not a security; next step is for the SEC to approve the ETP's S-1 registration statements before trading can begin.
- Earlier in the week, House Financial Services Chair Patrick McHenry (R-NC) led another letter to the SEC seeking clarification on the regulatory framework for Special Purpose Broker Dealers and Ether's regulatory status, after Prometheum reportedly launched custody services for Ether.
House Passes FIT 21
Overview
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.