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U.S. House Passes FIT21 Bill

The bill provides the CFTC with regulatory authority over digital asset trading and establishes a consumer protection framework.

Quick Take

  • The U.S. House passes FIT21 bill.

  • Fluent introduces Blended Execution.

  • Taiko announces its TKO airdrop.

  • Pectra Devnet 0 updates.

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U.S. House Passes FIT21 Bill

The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT-21), which assigns regulatory oversight of digital asset trading to the Commodity Futures Trading Commission (CFTC) and establishes a consumer protection framework for digital assets. The bill received bipartisan support, including 71 votes from Democrats. The approval comes after the Biden Administration released a policy statement strongly opposing the bill in its current form. Despite the opposition, the administration did not indicate plans to veto the bill, suggesting that it is likely to become law.

Fluent Introduces Blended Execution

Fluent introduced Blended Execution, a new design that integrates multiple virtual machines within a single state machine. The design enables direct interactions among apps from different VMs, eliminating the need for complex cross-chain bridging and enhancing the user experience. Developers can use the tools across each VM ecosystem. Fluent will be the first L2 network to implement a blended execution architecture. It will support Wasm, EVM, and SVM in a unified execution environment. Applications written in a variety of programming languages, including Solidity, TypeScript, and Rust, will be able to run on Fluent. The network will use an altered version of WebAssembly optimized for ZK operations.

Taiko Announces TKO Airdrop

Taiko, an EVM-equivalent ZK-Rollup, introduced its TKO governance token. Taiko will distribute 5% of its 1 billion total supply through an initial airdrop to block proposers, provers, select testnet users, GitHub contributors, and Ethereum ICO participants. Users have a seven-day window to check their eligibility and link their wallets. Once the airdrop is live, eligible users will have 30 days to claim their TKO tokens on Taiko Mainnet. Approximately 48.5% of the token supply is allocated to investors, team members, and the Taiko Foundation. An additional 10% of the supply is reserved for a future airdrop. Taiko has also dedicated 1% of its tokens to the Protocol Guild and 5% to funding for retroactive public goods.

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