The House crypto bill could be the answer to America’s regulatory soul-searching. The ball is now in the Senate’s court

Americans have embraced digital assets. The recent Cryptocurrency Adoption and Sentiment Report found U.S. digital asset ownership jumped from 30% in 2023 to 40% in 2024. This makes sense. Digital assets are delivering better financial inclusion and empowering millions of Americans—but it’s up to Congress to act.

The U.S. House of Representatives has already risen to the occasion, passing a strongly supported bipartisan bill that would protect consumers, enhance economic mobility, foster innovation, and maintain U.S. leadership. The Financial Innovation and Technology for the 21st Century Act (FIT21) updates U.S. securities laws designed long before today’s technology advances. As digital assets continue to evolve, FIT21 assigns defined responsibilities to the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also creates the tailored frameworks that will allow this industry to thrive in American markets.

With this surge of American ownership, FIT21’s robust consumer protections are a much-needed safeguard. The bill separates consumer funds from institutional funds, provides risk disclosures, extends bankruptcy protections, and addresses conflicts of interest. This transparency will allow regulators and consumers to identify and address fraud before it goes large-scale. FIT21 will also make it harder for bad actors to launder money and finance terrorism, and its cybersecurity standards will help prevent attacks against America’s financial infrastructure.

At the same time, FIT21 promotes innovation in the American digital asset market by clarifying the rules of the road for the industry. Today’s rules are confusing and sometimes redundant. The resulting uncertainty is pushing American innovators to offshore markets and penalizing small businesses struggling to navigate compliance costs and conflicting rules. This has enticed major economies like the European Union, United Kingdom, Singapore, Japan, South Korea, the UAE, Brazil, and Australia to open their doors to these innovators.

Passing this comprehensive digital asset legislation doesn’t just matter for the companies themselves – it matters for our economy and U.S. leadership in a foundational technology. In 2018,  40% of U.S. developers worked on Web3. In 2023, that figure was down to less than 26%, according to a 2023 Electric Capital Crypto Developer Report.

The ball is now in the Senate’s court. By passing FIT21, Congress would provide long-term stability for the digital assets market, ensuring EVERY consumer has a safer and more inclusive investment environment. At the same time, it would solidify our position as a global leader in the digital economy. Senators, let’s get FIT21 across the finish line.

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