The crypto industry is asking the House of Representatives to pass the important FIT21 bill next week, aimed at clarifying U.S. regulations and maintaining global competitiveness.
-Share:
The crypto industry is asking the House of Representatives to pass the important FIT21 bill next week, aimed at clarifying U. S. regulations and maintaining global competitiveness.
The FIT21 bill, which aims to create a comprehensive US regulatory framework for #digital assets, is expected to come up for a vote next week. The #cryptocurrency sector has urged House leaders to support this important bill. Many industry representatives have signed letters to key members of the U. S. House of Representatives advocating for passage of the 21st Century Financial Innovation and Technology Act.
The letter emphasizes that passage of the bill will help the United States remain globally competitive as the House of Representatives stands ready for a vote. The vote is a historic moment for the U. S. cryptocurrency industry and could lead to long-awaited regulation. Major associations and companies including Coinbase, Kraken and Andreessen Horowitz have been criticized by House Speaker Mike Johnson (Louisiana Republican) and Minority Leader Hakeem Jeffries (New Jersey Democrat). A vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) is scheduled to take place next week, with action scheduled for mid-week.
The bill seeks to designate the CFTC as the primary regulator of digital assets and define its responsibilities, as opposed to the SEC, by providing consumer protections, including rules for the safekeeping and treatment of customer assets in bankruptcy, as well as imposing safeguards against risky behavior.
Passage of this bill has the potential to advance #blockchain technology and digital assets, expand access to financial services, and protect national security," the letter said. "It is critical for the United States to maintain its leadership in financial innovation.
Read us at: Compass Investments
