🚀Big news for the U.S. crypto industry! The House's bipartisan passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) brings regulatory clarity within sight. But wait, there's a twist! 🔄

FIT21 creates a bifurcated market for crypto tokens, distinguishing between "restricted digital assets" and "digital commodities". This could lead to a fragmented landscape and first-of-its-kind compliance complications.

The bill attempts to codify the impractical test of whether a crypto token is a security based on its degree of decentralization. This could disrupt the fungibility of crypto tokens, impair liquidity, and stifle innovation in the industry.

FIT21 also allows for concurrent trading in restricted and unrestricted assets, which could lead to disjointed markets in the U.S. indefinitely. This could create an "American-only" crypto market separate from global digital asset markets, reducing the utility and value of every relevant project.

So, what's the solution? Lawmakers must refine the bill to unify spot markets for fungible crypto tokens that are not otherwise securities.

What are your thoughts on FIT21? How do you think it will impact the U.S. crypto industry? Let's discuss! #CryptoNews #FIT21 🧐🗨️