✔️ Blockchain Association Urges FIT21 House Vote: Crypto Regulation in the Spotlight

🟢 The Blockchain Association is making waves in Washington, sending a powerful message to Reps. Mike Johnson and Hakeem Jeffries with a letter that demands a full House floor vote on the FIT21 Act. This legislation, also known as H.R. 4763, could be a game-changer for the U.S. crypto industry.

🟢 With a potential vote looming this week, the passage of FIT21 would mark a historic moment, finally bringing crypto-oriented regulation to American shores. Ripple, Kraken, Circle, and other industry giants have joined forces to emphasize the importance of regulatory clarity and protection for users.

🔍 The lack of clear rules has long been a thorn in the side of the blockchain world. As the letter highlights, this confusion not only hampers innovation but also leaves users and consumers vulnerable. It's time for targeted market regulation that fosters growth while safeguarding interests.

✅ Critics argue that the U.S. has fallen behind due to its uncertain stance on crypto. The SEC's enforcement-heavy approach has drawn flak, with concerns that it may push businesses abroad and hinder technological progress. The Blockchain Association wants to see America leading the global tech race.

🔼 If FIT21 gets the green light, it would shift digital asset regulation primarily to the CFTC, providing clearer guidelines and enhanced protections for crypto consumers. This move could be a turning point for the industry, signaling greater freedom and a fairer marketplace.

➡️Momentum is building on Capitol Hill after Congress recently took aim at another SEC policy through a resolution. President Biden's initial resistance suggests he's wary of upsetting financial stability, but growing bipartisan support might just change his mind.