Below is a16z's detailed explanation of the bill

1. Content of the bill

The FIT21 Act (HR 4763) establishes a regulatory framework for the U.S. digital asset market, with the following main goals:

Address the unique structural issues of digital assets;

Provide clear and reliable consumer protection;

Clarify which digital assets are regulated by the Commodity Futures Trading Commission (CFTC) and which are regulated by the Securities and Exchange Commission (SEC).

The third point is crucial because there are key differences in the definitions of "commodities" and "securities" that affect how they are regulated. Specifically:

The CFTC regulates digital assets as a commodity, provided that the blockchain or digital ledger on which they operate is functional and decentralized.

The SEC regulates digital assets as a security, provided that the relevant blockchain is functional but not decentralized.

The bill defines the standards for decentralization, one of which is that no one has unilateral control over the blockchain or its use, and no issuer or associated person controls 20% or more of the digital assets or voting rights of the digital assets.

In addition, the bill also imposes a number of conditions to protect consumers, including segregation of customer funds, lock-up periods for token insiders (to incentivize innovation, not just speculation), annual sales volume limits, and disclosure requirements. These protections are similar to those implemented by regulators after the Great Depression, when the U.S. market and economy ushered in an unprecedented era of growth and innovation after the excessive prosperity of the 1920s and the stock market crash of 1929.

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