Fit21 regulation
Overview
FIT21, the Financial Innovation and Technology for the 21st Century Act (H.R. 4763), is US digital asset market structure legislation that passed the House of Representatives on 22 May 2024 by a vote of 279-136. It would divide regulatory jurisdiction over digital assets between the SEC and the CFTC, identifying which digital asset transactions fall under securities law and granting the CFTC authority over secondary market trading in "digital commodities." It also imposes disclosure, transparency, customer asset segregation and custody requirements on intermediaries. Its passage marked the first time a chamber of Congress approved major digital asset market structure legislation; then-SEC Chair Gary Gensler issued a statement opposing it.
Within the DeFi Intel graph, Fit21 connects to 8 tracked entities, most strongly to SEC, CFTC, United States.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 8 of 8 total).
| Relation | Connected entity | Confidence |
|---|---|---|
regulated_by | SEC | 95% |
regulated_by | CFTC | 95% |
governs | United States | 95% |
amends | Clarity Act | 95% |
preceded_by | Clarity Act | 95% |
proposed_by | Patrick McHenry | 95% |
cited_by | Brian Quintenz | 85% |
cited_by | Ripple | 70% |
Frequently asked questions
When did FIT21 pass the House?
On 22 May 2024, by a bipartisan vote of 279-136.
How does FIT21 split regulatory authority?
It allocates jurisdiction between the SEC and the CFTC, giving the CFTC authority over secondary transactions in digital commodities while the SEC retains authority over digital asset securities transactions.
Did FIT21 become law?
No — it passed the House of Representatives but was not enacted; it is widely described as a template for later market structure legislation.
Sources
Facts on this page were verified against the following sources.