Davis Polk partner Zach Zweihorn discussed the FIT 21 Act and how the bill sets the stage for crypto policy developments in the future.

Zach noted that although the FIT 21 bill was passed by the House, clients who might be affected by the legislation are waiting to see what the final product requires before taking steps to adapt. Zach said he expects to field questions about how certain definitions might apply down the line as there are still many steps to go before companies think about overhauling their compliance.

“I don’t think anybody’s running to build or revise those systems at this stage just because it could still be changing,” he explained.

“Congress’ Crypto Votes Lay Groundwork For Next Session,” Law360 (June 3, 2024) (subscription required) 

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