Fit 21 Crypto Bill Passes the House - Trump Accepts XRP for Campaign

With FIT 21 coming up for vote this week, a reminder that @HouseAgGOP had the foresight in 2023 to publish a fact sheet that cited the Ripple decision (XRP, in and of itself, not a security) to debunk the SEC’s myth that all digital assets were securities. https://t.co/fRokpEjyAF

— Stuart Alderoty (@s_alderoty) May 21, 2024

🚩🚩🚩🚩🚩Just now on CSpan.

Rep Sherman says crypto wants to replace the USD as the world reserve currency. $XRP #XRPL is the world reserve currency. pic.twitter.com/MwAOhJUFza

— BuyTheCryptoDip (@BuyTheCryptoDip) May 22, 2024

⚠️🧐 #FIT21 REP. STEPHEN F. LYNCH (D) ➡️ "THIS BILL IS IN THE TOP THREE IN TERMS OF THE WORST BILLS THAT I HAVE SEEN ACTUALLY PROGRESS TO THIS, TO THE FLOOR OF THE HOUSE" ➡️ "THIS BILL IS A RADICAL REWRITING OF THE SECURITIES LAWS SINCE 1934" ➡️ "WE´RE GOING TO HAVE TO BAIL SOME… https://t.co/XsDzuycPlp pic.twitter.com/aglrtzuLMW

— XRP DROPZ (@DROPZXRP) May 22, 2024

⚠️ REP. MAXINE WATERS (D) ➡️ "SEC CHAIR GARY GENSLER HIMSELF, WHO CONFIRMED IN A RECENT STATEMENT REGARDING THIS BILL THAT TI WOULD HAVE A BROADER IMPACT ON TRADITION SECURITIES." ➡️ "I HAVE SERIOUS CONCERNS ABOUT THE LOSS OF PROTECTIONS FOR CONSUMERS AND INVESTORS." https://t.co/cKdBYjC7At pic.twitter.com/HsTh4aX6Nj

— XRP DROPZ (@DROPZXRP) May 22, 2024

#WATCH: Chairman @PatrickMcHenry delivers remarks on the House floor in support of #FIT21:

"FIT21 will cement the United States’ global leadership in technological innovation, invention, and adoption."

Read more 🔗https://t.co/tv0aFzS5aY

📺 Watch his remarks 👇 pic.twitter.com/hPldTaj7JY

— Financial Services GOP (@FinancialCmte) May 22, 2024

#WATCH: @WarrenDavidson champions the critical consumer protections present in #FIT21:

"Innovators and investors will no longer risk their freedom and their fortunes by simply launching a company and raising capital."

📺 👇 pic.twitter.com/gErnct9WVD

— Financial Services GOP (@FinancialCmte) May 22, 2024

Since 2018, I have been working to establish legal clarity for digital assets.

Meanwhile, @GaryGensler ’s Orwellian regulatory approach has pushed innovation and investment overseas.

Today and finally, the House of Representatives brings clarity to the digital asset ecosystem…

— Warren Davidson 🇺🇸 (@WarrenDavidson) May 22, 2024

#WATCH: @GOPMajorityWhip reminds lawmakers what's at stake as the House debates #FIT21:

"Today we have an opportunity to determine whether the next iteration of the internet will be designed by Americans, or if it will instead reflect the values of some other nation."

📺 👇 pic.twitter.com/NwxVHvxxc5

— Financial Services GOP (@FinancialCmte) May 22, 2024

The U.S. can't lead in today's digital economy when we aren't even keeping up.

The #FIT21 Act creates a regulatory framework that sets guidelines for digital assets in the 21st century economy & promotes innovation while providing robust consumer protections. pic.twitter.com/2kOc7xvVn1

— Young Kim (@RepYoungKim) May 22, 2024

I’ve had enough of Biden Administration officials regulating by enforcement. That’s why I support #FIT21, legislation that will prevent the government from standing in the way of digital innovation.

The bill includes critical guardrails that will protect consumers and foster… pic.twitter.com/akXRtke0Py

— Congressman John Rose (@RepJohnRose) May 22, 2024

#WATCH: @RepHuizenga on what #FIT21 means for market participants:

"By passing a comprehensive market structure framework, responsible actors will now have greater certainty and consumers will have greater protection from bad actors."

📺 👇 pic.twitter.com/eU6AjK38wX

— Financial Services GOP (@FinancialCmte) May 22, 2024

If you believe in investor protection, if you believe we need to respond to the disaster of FTX, then we need to pass a bill that would prevent the next FTX. The status quo will not work. It didn’t work in 2022 and it won’t work today.

Here’s why we need the Fit for the 21st… pic.twitter.com/L42hmDwHOv

— Rep. Mike Flood (@USRepMikeFlood) May 22, 2024

There are problems in the digital asset space. Later today, the House will pass my bill that will deliver real solutions. #FIT21@RepFrenchHill @PatrickMcHenry @CongressmanGT pic.twitter.com/hvvFbBBup2

— Rep. Dusty Johnson (@RepDustyJohnson) May 22, 2024

The U.S. needs a clear federal framework for digital assets because the status-quo simply does not work.
 
That's why I support @HouseAgGOP and @FinancialCmte on today's important #FIT21 legislation. pic.twitter.com/R97wDuzsDn

— Frank Lucas (@RepFrankLucas) May 22, 2024

Thank you for authoring the Token Taxonomy Bill in 2018, which kickstarted everything.

And thank you for championing decentralization for over six years.#Legend https://t.co/2pS0gU7NGH

— Chip – onthechain.io (@stephenchip) May 22, 2024

Interesting side note here: Dem @SECGov Commissioner Jaime Lizárraga worked as @SpeakerPelosi’s financial policy advisor for ten years.

Lizárraga has typically voted against crypto during his time at the SEC.

Pelosi voted in favor of crypto today. https://t.co/dojVYdxGlU

— Eleanor Terrett (@EleanorTerrett) May 22, 2024

It's a nice sentiment, but the battle is far from over.

The bill still needs to clear the Senate, and then it requires the signature of the resident in the White House.

Additionally, I'm not convinced by the White House's narrative on Fit 21.

Listening to the anti-crypto…

— Chip – onthechain.io (@stephenchip) May 22, 2024

I’m not going to celebrate Donald Trump accepting crypto donations.

It’s trivial. Thinking it’s “embracing the industry” is naive.

Trump has not shown any true commitment to crypto. So far, we are just another cow for him to milk.

— DavidHoffman.eth/acc🦇🔊 (@TrustlessState) May 22, 2024

Gensler overplayed his hand. He thought crypto was an easy target. He relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That’s all gone. He’s now a struggling political liability. https://t.co/Uy6Mwed6hJ

— Stuart Alderoty (@s_alderoty) May 22, 2024

A true multi chain maxi and supporter of the builders expanding the XRPL. @sentosumosaba will bring a wealth of knowledge as moderator @xpand_global https://t.co/AHOUUbzqNr

— MoMeta.root (@MoMetaMedia) May 22, 2024

My amendment just unanimously passed the House!

It requires the CFTC & SEC to issue a report regarding how our nation’s foreign adversaries may be exploiting the digital assets marketplace to invade the privacy of Americans. pic.twitter.com/191SD9aMGh

— Rep. Ralph Norman (@RepRalphNorman) May 22, 2024