The Biggest Crypto Regulation of this decade is about to pass in the U.S Senate !
The FIT21 crypto bill has finally the U.S House of Representatives approval.
Here is a little breakdown of this bill in 4 key points :
(1/4). The crypto exchanges (CEXs)will no longer be under the SEC jurisdiction (for the most part). So they aren’t gonna go offshore to be regulated.
(2/4). The SEC being to vague around the regulation system for digital currencies which makes it an impossible task to accomplish to be registered as a CEX in USA. So that’s why CEXs will be no longer under SEC regulation but under Comodity Futures Trading Commission (CFTC) regulation.
(3/4). The bill allows a certification for an issuance of a “digital commodity” which indeed is more secure because with certain criteria specified in the bill this certification put a big stop sign to the scamy projects.
(4/4). Last insight worth emphasising, the leaders of a digital currency project, let’s just say the founders of RNDR for the sake of the example, are tied up to not dump all their token prior 12 months. They can’t have over 20% of the RNDR token supply at its start. So as an investor this prevent the founder to sell over your head on a crypto lunch which is unfair, an have happened a lot of times in the past ( but more on the memecoin side of crypto)
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