- The House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act, with the Bill receiving bipartisan support.
- Despite some in the community’s misgivings, Bitcoin’s number one fan Michael Saylor believes the Act will benefit the industry and the world.
- The Bill is set to provide much-needed regulatory framework for the industry, hopefully prompting innovation within the United States fintech/crypto sectors.
US politicians have teamed up (shocking, I know) to pass the Financial Innovation and Technology for the 21st Century Bill through the House of Representatives. A remarkable year for Bitcoin and crypto continues to stun observers, as the oft-maligned asset class continues to cement itself as a legitimate industry among powerful politicians and financial institutions.
Related: FIT21 Crypto Bill Passes US House with Bipartisan Support, Will President Biden Veto?
Bipartisan Support For Bill As Saylor and Other Experts Spruik Benefits
The Bill is set to provide oversight, regulatory clarity and consumer protection for the digital asset markets. The necessity of such legislation has been pertinent ever since the FTX collapse in 2022, where billions of customers’ funds were inappropriately used by Sam Bankman-Fried and other high-up company members.
While some members of the crypto community are staunchly against regulation of any kind – arguing it goes against the whole point of digital currency – most agree it’s a much-needed push in the right direction.
Michael Saylor, CEO of MicroStrategy and Bitcoin-buying addict, echoed this sentiment, suggesting that the Bill will be “good for…the crypto industry, the United States, and the world.”
Bipartisan support for a crypto-related bill seemed an alien concept just a few months ago, when politicians, banking executives and CEOs alike demonised the industry as a pastime. (We’re looking at you, Jamie Dimon).
However, the approval of spot Bitcoin ETFs drastically shifted the landscape and saw previous sceptics reverse their stance. And now, with Donald Trump actively campaigning for crypto, it has become a huge political topic ahead of the 2024 US election.
Not to be left behind, Joe Biden’s Democrats have also changed tact, attempting to position themselves as pro-crypto too – or at least, pro-progressive crypto legislation.
The Bill is set to “promote the responsible development of digital assets and payment innovation”.
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