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## US House Votes in Favor of FIT21 Crypto Legislation

The US House recently voted in favor of the FIT21 legislation, which aims to establish a new legal framework for digital currencies. Despite concerns raised by the US securities regulator, the House approved the bill in a bipartisan vote. However, the legislation still requires approval from the Senate and the President before becoming law.

AI legalese decoder can help analyze the complex legal language used in the FIT21 bill, making it easier for stakeholders to understand the implications of the new regulations. By decoding the legal jargon, the AI tool can provide valuable insights into how the legislation may impact the crypto industry.

## FIT21 Bill Expands Industry Freedoms and Shifts Regulatory Power

If passed into law, the FIT21 legislation would grant more freedom to crypto operators in the US while transferring regulatory oversight of digital assets to the Commodity Futures Trading Commission (CFTC). This shift in regulatory authority from the SEC to the CFTC could have significant implications for the crypto industry, especially given the Biden administration’s recent crackdown on crypto under the SEC’s jurisdiction.

AI legalese decoder can help stakeholders navigate the legal implications of this regulatory shift by breaking down the complex language of the legislation. By providing clear and concise explanations of the regulatory changes, the AI tool can help industry participants understand how the new framework may affect their operations.

## Opposition to FIT21 from SEC and White House

Ahead of the House vote on FIT21, both the White House and SEC expressed concerns about the bill’s impact on consumer protection and regulatory oversight. SEC Chair Gary Gensler criticized the legislation, warning that it could create new regulatory gaps and undermine established securities laws.

AI legalese decoder can assist in interpreting the specific provisions of FIT21 that have raised concerns among regulators. By translating the legal complexities of the bill into plain language, the AI tool can help stakeholders assess the potential risks and challenges posed by the new regulatory framework.

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