There is no doubt that the bipartisan passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the House is a monumental development for the U.S. crypto industry, bringing much-needed regulatory clarity within sight. One of the most problematic aspects of the bill is its creation of a bifurcated market for crypto tokens. This legislative initiative stems from the long-running debates over U.S. federal securities laws application to crypto tokens and the difference between bitcoin, considered a non-security, and nearly every other token.