Odaily News Earlier this year, the House of Representatives passed the 21st Century Financial Innovation and Technology Act (FIT21), and sources revealed that after Trump's victory and the fact that Congress includes many pro-cryptocurrency lawmakers, the cryptocurrency lobby is ready to repeal the bipartisan market structure bill in favor of legislation that is more favorable to the industry. FIT21 aims to create a federal framework for cryptocurrency regulation and determine the jurisdictional boundaries between the CFTC and the SEC. In short, it will weaken the SEC's power over digital assets that meet certain criteria and control its "enforcement supervision" approach, but it will also transfer most of the power to the CFTC. Just last month, members of the Republican congressional leadership said they might try to attach key elements of FIT21 to the end-of-year spending bill in order to complete some basic crypto-related laws. "This thing won't happen again," one person familiar with the matter said, explaining that the Republicans now control the White House, the Senate, and possibly even the House of Representatives, so there is no reason to try to push a bill that is widely considered imperfect, adding, "FIT21 is a terrible compromise that the industry reached when it was about to die." (Decrypt)