According to Odaily Planet Daily, the U.S. House of Representatives recently passed the bipartisan encryption bill "21st Century Financial Innovation and Technology Act" (FIT21), but the bill is far from becoming law. Policy observers said that the bill is unlikely to be passed in the U.S. Senate. The White House, U.S. SEC Chairman Gary Gensler and a group of lawmakers have also made harsh remarks on the bill.
Under FIT21, sufficiently decentralized digital assets will qualify as commodities. One of the criteria is that the issuer or so-called related persons cannot hold more than 20% of the tokens and project voting rights. Centralized tokens that do not meet this condition will be deemed securities and will fall under the jurisdiction of the SEC, while decentralized tokens will be regulated by the CFTC.
Rashan Colbert, head of policy at decentralized exchange dYdX Trading, said the regulation is “almost” clear for the crypto industry. He added: “This bill gives us more comfort knowing that we have clear authority to continue to do what we are doing, which is what the industry really wants right now.”
