Crypto Industry Scores Major Win as U.S. House Passes FIT21 Bill

• US House passes landmark crypto bill, FIT21, marking industry victory.
• Coinbase co-founder highlights growing influence of young crypto supporters.
• Coinbase CEO Brian Armstrong acknowledges the House’s efforts to bring regulatory clarity to the industry.

The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, marking a significant victory for the crypto industry in the United States. The Republican-led bill was approved by a vote of 279-136, with notable support from Democrats.

Fred Ehrsam, the co-founder of Coinbase, reacted to the historic development in the US crypto market on X, highlighting the potential of the crypto industry and the influence of its young supporters.

Crypto will continue to get more powerful due to demographic tailwinds. Ownership is ~30% for ages 18-45 and only 5% over 65. Politicians for/against follows roughly the same trend. As time goes on, today's young supporters grow as a % of global wealth and governance power.

— Fred Ehrsam (@FEhrsam) May 22, 2024

According to his assertions, about 30% of crypto ownership lies among citizens aged 18-45. He added …

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