U.S. Senate Committee Advances Major Crypto Bill FITF 21, A Key Milestone for Regulation

In a significant step for cryptocurrency regulation in the United States, the Financial Innovation and Technology for the 21st Century Act (FITF 21) has passed its first major hurdle in the U.S. Senate. The bill successfully cleared the Senate Committee on Agriculture, Nutrition, and Forestry, marking a pivotal milestone in the legislative process. This development signals growing bipartisan momentum to establish a clearer regulatory framework for digital assets. The FITF 21 Act aims to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing the crypto market. Proponents argue that clear rules are essential for consumer protection, innovation, and maintaining U.S. competitiveness in the blockchain sector. The committee's approval allows the bill to advance for further consideration by the full Senate. While the path to becoming law remains lengthy and uncertain, this progress is viewed as a bullish signal for the crypto industry, potentially reducing regulatory ambiguity for major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Market participants are closely watching for further updates as the legislative effort continues.