LIVENancy Pelosi supports FIT21 crypto bill.
🔥 FIT 21 (H.R. 4763 - Financial and Technological Innovation Bill for the 21st Century - creating a legal foundation for crypto) has passed the House of Representatives. Learn more about this bill:
FIT 21 has several key areas and regulations:
- Determine when the SEC or CFTC has jurisdiction
- Consumer protection, requiring transparency and information about project promoters
Prohibit agencies from preventing people from using crypto
- Request the Ministry of Finance to research stablecoins
#FIT21 also defines terms surrounding 'decentralized systems' and when a network is 'decentralized' enough to no longer be a 'security', and then the SEC will no longer have jurisdiction over the asset there.
FIT21 introduces a process to certify assets that are sufficiently decentralized and labeled as commodities (similar to Bitcoin), the SEC has 90 days to review and make a decision.
If the SEC determines an asset operates without a centralized entity, that asset is a commodity and the CFTC has jurisdiction, not the SEC.
FIT21 isn't perfect but it gets us one step closer, it's very difficult to get a bill on the ballot in the US so this is an important win.
This bill just passed the House of Representatives, we still need support from the Senate before it goes to President Biden, but at least we know the support from lawmakers is huge.
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