🇺🇸 US lawmakers are trying to streamline crypto regulations

The Financial Services Committee of the US House of Representatives will consider the Financial Innovation and Technology for the 21st Century (FIT21) bill with new, clearer regulations for the US crypto market. A vote on the bill is expected later this month.

📎 The draft law specifies the powers of the CFTC to regulate crypto-assets qualified as commodities. This primarily applies to fungible tokens that represent certain underlying assets. In addition, FIT21 establishes the SEC's jurisdiction over digital assets offered within investment contracts.

The FIT21 bill was proposed in July 2023 by a group of Republicans led by Glenn Thompson.

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