A Senate committee has passed a bill that could potentially change the crypto landscape, making it a significant development in the history of US crypto policy. The bill, which has a surprise crypto provision, has been hailed as a game-changer for the $2.6 trillion industry. If implemented, it would categorize crypto projects based on their level of decentralization, with decentralized projects falling under the Commodity Futures Trading Commission (CFTC) and non-decentralized ones under the Securities and Exchange Commission (SEC).

The Financial Innovation Technology for the 21st Century Act (FIT 21) aims to provide clarity and guidance on crypto regulations, which have been a major point of contention in the industry. By distinguishing between decentralized and non-decentralized projects, the bill seeks to create a clear framework for regulation, avoiding the current confusion and ambiguity. This move is expected to boost investor confidence and promote innovation in the crypto space.

The FIT 21 bill is seen as a significant step forward in crypto regulation, as it acknowledges the unique characteristics of decentralized projects. By placing them under the CFTC, it recognizes their potential for innovation and growth, while also ensuring that they operate within a clear regulatory framework. On the other hand, non-decentralized projects will fall under the SEC, which has traditionally been responsible for regulating securities.

The passing of the FIT 21 bill by the Senate committee is a major milestone in the development of crypto policy in the US. It demonstrates a growing understanding of the crypto industry and its potential for innovation and growth. If implemented, the bill could pave the way for greater adoption and mainstream acceptance of crypto, leading to increased investment and innovation in the space.

The FIT 21 bill is a testament to the growing recognition of crypto's potential and the need for clear regulations to promote innovation and protect investors. As the crypto industry continues to evolve, it is likely that we will see more developments in crypto policy, leading to greater clarity and guidance for investors and innovators alike.