On May 22, 2024, the US House of Representatives passed H.R. 4763 – the Financial Innovation and Technology for the 21st Century Act (FIT21) – the first time a chamber of Congress has passed major digital asset legislation.  While the prospects of FIT21 becoming law remain very uncertain, FIT21 is an important milestone in the evolution of digital assets regulatory proposals in the United States.

In this Legal Update, we provide a summary of FIT21 and its key provisions.  We also provide a roadmap for how FIT21 may be considered in the Senate in the coming months.

Continue reading this Legal Update.