PANews reported on May 23 that the U.S. House of Representatives passed the "21st Century Financial Innovation and Technology Act" (FIT21) with a vote of 279 to 136, according to CoinDesk. Seventy-one Democrats and 208 Republicans voted in favor, while three Republicans and 133 Democrats voted against. The passage of this bill marks the most significant legislative achievement for the crypto industry in Congress. The bill will now be submitted to the Senate for a vote. The FIT21 Act, primarily driven by House Republicans, aims to establish a regulatory framework for the U.S. crypto market, set up consumer protections, designate the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets and non-securities spot markets, and more clearly define the standards that classify crypto tokens as securities or commodities.