House passage of FIT21 Act a huge step toward needed U.S. digital asset regulation [Video]

On May 22, the bipartisan Financial Innovation and Technology for the 21st Century Act finally came up for a vote on the House floor, passing by an overwhelming 279-136. It now goes to the Senate. If enacted, the FIT21 Act would be a milestone for digital assets regulation in the United States and has been a long time coming.

The bipartisan support of this legislation signals a shift for our legislators, who have realized that digital currency is the future and needs the governmental regulations seen by other industries. The FIT21 ACT will provide the consumer protections and regulatory certainty necessary for the industry to move forward safely.

I am a certified public accountant who has worked with digital asset companies since 2018. I have also watched more and more of these companies head offshore each year. The No. 1 reason for this is they are uncertain of who regulates them in the United States, and what rules may be coming. The FIT21 Act will help begin to …