Overview

• The House passed FIT21 with a vote of 279-136, showing bipartisan support despite opposition from key Democratic leaders.
• The bill aims to provide regulatory clarity by defining which tokens are securities and which are commodities.
• Critics argue that reducing SEC oversight could increase risks of fraud and financial misconduct in the crypto industry.
• The Senate has shown less interest in the bill, focusing more on digital assets' links to illicit activities.
• Indian crypto commentators see the bill as a positive step that could influence global crypto regulations.