Cardano is officially a commodity" - U.S. House What is the FIT21 Bill? How does it affect Cardano? Will price go up now? Let me break down the news for you in the easiest way to understand possible.. The FIT21 Bill (Financial Innovation and Technology for the 21st Century Act) says that: -Commodity Futures Trading Commission (CFTC) is in control over crypto commodities -SEC is in control over crypto securities A commodity is considered any crypto where 1 party does not have 20% or more control of the asset. If a party has 20%, or more, control, then it is a security For Cardano this means: It is a commodity due to the SPO process in delegation and hard forks. It should be enforced under the CFTC. Note: I could see a scenario where some legislators view the genesis keys of Cardano as a means for calling it a security, although this can be fixed by the end of Voltaire (many of us agree that SPOs still have to adopt the genesis key changes, so ADA is still decentralized) That's all great, but is this the catalyst for Cardano to reach $10?? I am not sure....what I do know is that BTC has done well being ruled a commodity. It has allowed many more investors to take positions and solidified its place in the overall financial world. I also know that a lot of other blockchains are definitely securities. When Cardano is deemed a commodity, it will put it into a crypto category of its own. I think many more chains will push to be decentralized because of this.
Explore the lastest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number