House passes Financial Innovation and Technology for the 21st Century Act

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On May 22, 2024, the U.S. House of Representatives (the “House”) passed the Financial Innovation and Technology for the 21st Century Act (“FIT21” or the “Bill”) with bipartisan support by a vote of 279-136. FIT21 provides for a regulatory framework for digital assets allocating jurisdiction over digital assets between the Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC”) on the basis of whether the associated blockchain is “functional,”…
By: A&O Shearman
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