"Hello crypto lovers!👋 Although FIT21 is a big development for the US crypto industry, it also brings with it some problems.😅
The law creates a dual market for crypto tokens, distinguishing between “restricted digital assets” and “digital commodities.” This doesn't sit well with the global and fungible nature of crypto tokens.🌍💱
Additionally, the law struggles to draw a clear line as to when a project is "insufficiently decentralized." This could lead to regulatory confusion between the SEC and CFTC.🤷♂️
However, everything has a solution! The bill must be amended to protect customers and ensure functional US digital asset markets.👍
What are you thinking? We are waiting for your comments!👇😉#DeFi#Web3"
(Translation: "Hello crypto lovers!👋 Although FIT21 is a big development for the US crypto industry, it also brings some problems.😅
The law creates a dual market for crypto tokens by distinguishing between "restricted digital assets" and "digital commodities". This is not very suitable for the global and fungible nature of crypto tokens.🌍💱
Also, the law struggles to draw a clear line on when a project is "decentralized enough". This can lead to confusion in regulatory oversight between the SEC and CFTC.🤷♂️
But, every problem has a solution! The bill should be amended to protect customers and ensure functional US digital asset markets.👍
What do you think? We're waiting for your comments!👇😉#DeFi#Web3")