Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, May 23rd, and today we are, of course, talking about the Fit 21 vote.

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Well, friends, we are continuing in this incredibly consequential week in D.C. You can find a link at the show notes or go to bit.ly slash breakdown pod.

Well, friends, we are continuing in this incredibly consequential week in D.C.

Yesterday was the House vote on the financial innovation and technology for the 21st Century Act,

better known as Fit 21.

The vote was a landslide in favor of the bill with 279-4 and 136 against a two-thirds majority.

71 Democrats joined with almost every Republican to pass the bill, a huge increase from the 21 House Democrats who voted to repeal

SAB-121 earlier this month. This has some big implications for the Democrats shift away from being

the anti-crypto party. It also says a whole lot about the waning power of Elizabeth Warren

and Gary Gensler over crypto policy. As a refresher, Fit21 is the first crypto regulatory framework to make it to a vote in

Congress. In really broad strokes, it sets out the circumstances where crypto tokens should be

considered commodities rather than securities. This is largely about proving that an underlying

crypto network is sufficiently decentralized. The bill also divides up the

roles of the SEC and the CFTC, with the big change being the CFTC being assigned to regulate spot

crypto markets. Finally, it puts in place some basic consumer protections around transparency and

disclosures for token promoters. The general sense within the industry is that the bill is a good

first step, but needs refinement. More on that later in the show, but for now, let's get on with what happened during this momentous day in Congress.

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