Washington, D.C., (May 22, 2024) – The Blockchain Association, a prominent trade association for the cryptocurrency and blockchain technology industry, has acknowledged the bipartisan passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives.

The legislation aims to establish a comprehensive regulatory framework for digital assets in the United States. It seeks to provide clarity for companies innovating in this space while implementing consumer protections.

“The House passage of FIT21 represents a watershed moment and badge of Congressional validation for the crypto industry in the United States,” said Kristin Smith, CEO of the Blockchain Association. “This bipartisan vote signals that lawmakers on both sides of the aisle recognize the immense potential of blockchain technology and digital assets, while also acknowledging the need for regulatory guidelines to enable responsible innovation and prioritize consumer safeguards.”

For years, the crypto industry has operated in a regulatory "no man's land," with federal agencies claiming jurisdiction via court cases instead of open rulemaking and taking aggressive enforcement actions that created confusion and stifled innovation. FIT21 represents Congress reasserting its authority over economic policy and mandating a national regulatory framework tailored specifically for digital assets.

While acknowledging that the legislation is not perfect, it attempts to balance fostering transformative innovation with implementing consumer protection measures.

“While there is still work to be done refining and improving the legislation, we celebrate the House passage of FIT21 and how far the crypto industry has evolved to reach this historic milestone,” Smith added. “The bipartisan momentum behind this bill underscores crypto’s growing political force.”

The Blockchain Association and its members remain committed to constructively contributing to sensible policies that enable digital assets and blockchain technology to flourish responsibly in the United States while upholding rigorous consumer protection standards.