@everyone Yesterday it was a discussion and vote. Today it passed
What is FIT21?
FIT21 is the "Financial Innovation and Technology for the 21st Century Act"
FIT 21 has a few key areas and provisions:
(1) - Delineates when SEC or CFTC has jurisdiction
(2) - Consumer protections around transparency and disclosures for promoters and endorsers
(3) - Prohibits agencies from preventing people from using crypto
(4) - Asks Treasury to study stablecoins
FIT21 will define terms around decentralized systems & when networks are sufficiently decentralized to no longer be a security.
It introduces a process to certify assets as sufficiently decentralized and be labeled commodities.
This is a huge breakthrough.
A year ago, this would have been a fast veto from the President
Today, the White House wants to help clarify crypto regulations & will not veto
A 180° turn
Let that sink in.
All those Altcoins that have been in the grey area are going to get a lifeline.
The more decentralised the greater chance they will be labeled a commodity 💪🙌🔥
/What does this all mean?
What does it signal?
It signals that the US government have realized that crypto matters.
That there are enough people here who will swing the vote.
That there is enough money to help swing elections.
A storm is coming; prepare your mind, fortify your capital, and brace yourself for the winds of change.
