FIT21 passes the House 279 - 136 🎉

House Democrats voting in favor of this bill: 71.

That is a *huge* number of elected Democrats voting "no confidence" in the current SEC, and sending a message to the Biden administration that "anti-crypto" is a losing platform this year.

/monad ecosystem growth | ex telco.in & everwave.xyz founder | /music moderator | writing on web3 & culture https://paragraph.xyz/@alixkun.eth

You may notice no one is really getting into the substance of FIT21 because it's very unlikely to become law. Conventional wisdom is that it's DOA in the Senate, so the value is the signal.

But don't underestimate that value. If the signal is strong enough, it could mean a change in policy (or leadership) at the SEC.

can someone do an "explain me like I'm 5" on why FIT21 is so important for the industry, besides the mere "signal"? Like, are there some concrete measures that will really be helpful for crypto businesses or consumers?

it’s incredible how quickly the tide has seemingly turned. 

clearly a lot of work put in by yourself and others to lay the groundwork but from the outside it seems like there has just been a huge pivot where there was once so much collective resistance.

How do you think the upcoming elections will affect the bill's chances in the senate? Asking as I'm not big on politics.