IPFS News Link • Bitcoin
US House Passes FIT21 Crypto Bill With Bipartisan Support, Biden Does Not Threaten Veto
• Zero HedgeIn a 279 to 136 vote on May 22, House lawmakers approved H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. If passed by the Senate and signed into law, the bill clarifies the roles the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have over digital assets. 71 Democrats joined with 208 Republicans to vote in favor of the bill.
"Unfortunately, our current regulatory framework is preventing digital assets' innovation from reaching its full potential," said Representative Patrick McHenry before the House vote. "The SEC and the CFTC are currently in a food fight for control of these asset classes."
Who benefits from the passage of the #NotFIT4PurposeAct:
— U.S. House Committee on Financial Services (@FSCDems) May 22, 2024
?Wealthy #crypto firms that have chosen not to register w/the @SECGov or otherwise comply w/the securities laws
Who stands to lose:
?Ordinary investors trying to build wealth
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1 Comments in Response to US House Passes FIT21 Crypto Bill With Bipartisan Support, Biden Does Not Threaten Veto
Crypto is meant to be private. How do we know? We know it because government would have taken it over long ago if they could have. So, it's a privacy issue, if you keep it that way. | When you transact with crypto, prepare a privacy and suitable 'hold harmless' contract between those contracting. Do this so that if your 'partner' in the transaction is a government agent, he will be forced to pay whatever the government tries to do to you for using your privacy rights. | When maintaining anything, any property, in privacy, it is private and privately named. No longer is Bitcoin Bitcoin. No longer is any cryptocurrency cryptocurrency. Rather, it's private property - as long as you don't agree with government that it is whatever they are trying to call it. | BTW, the same holds true with your fiat and income. No more IRS taxes. It's private property as long as you hold it as your private property.