What is #FIT21 ❓
Financial Innovation and Technology for the 21st Century Act (FIT21):
Regulatory Framework:
FIT21 distinguishes between digital assets based on their blockchain decentralization.
The Commodity Futures Trading Commission (CFTC) regulates decentralized digital assets as commodities.
The Securities and Exchange Commission (SEC) oversees digital assets with functional but non-decentralized blockchains.
Market Transactions:
FIT21 outlines requirements for primary and secondary market transactions.
Dual-registered exchanges receive exemptions from duplicative rules.
Consumer Protections and Innovation:
The bill aims to provide regulatory clarity for the U.S. digital asset ecosystem.
Balancing innovation and consumer protection, FIT21 sets the stage for a robust regulatory framework.
In summary, FIT21 addresses digital asset regulation, promoting growth while safeguarding investors. 🌟
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