The House of Representatives passed the FIT21 Act, the first digital asset legislation in US history with bipartisan support.

The legislation introduces a dual-agency regulatory regime, with the SEC and CFTC overseeing different types of digital assets.

FIT21 aims to bring clarity and modernization to the cryptocurrency market.

The bill includes a certification process for blockchain systems and enhances consumer protection.

Despite opposition from SEC Chair Gary Gensler, the bill now moves to the Senate for consideration.

The passage of FIT21 signifies a shift in crypto regulation and addresses the need for comprehensive regulation to keep the US competitive globally.

President Biden's willingness to collaborate with Congress on digital asset regulation suggests potential for negotiation.

Digital asset regulation is becoming a key electoral issue as politicians increasingly listen to crypto holders.

While FIT21 faces a challenging path in the Senate, it represents a significant step towards regulating the rapidly evolving cryptocurrency industry.