The Financial Innovation and Technology for the 21st Century Act, known on the Hill as FIT 21, passed in the US House Wednesday afternoon by a vote of 279-136, with 71 Democrats voting in favor.

The Bill is set to provide oversight, regulatory clarity and consumer protection for the digital asset markets. The necessity of such legislation has been pertinent ever since the FTX collapse in 2022, where billions of customers' funds were inappropriately used by Sam Bankman-Fried and other high-up company members.

While some members of the crypto community are staunchly against regulation of any kind – arguing it goes against the whole point of digital currency – most agree it's a much-needed push in the right direction.

Michael Saylor, CEO of MicroStrategy and Bitcoin-buying addict, echoed this sentiment, suggesting that the Bill will be "good for...the crypto industry, the United States, and the world."