🚀 Exciting News in Crypto Regulation! 🚀
The US House of Representatives has passed the Financial Innovation and Technology Act of the 21st Century (FIT 21), aimed at clarifying crypto regulations. This bipartisan move seeks to define which aspects of cryptocurrency regulation fall under the SEC and which fall under the CFTC. Historically, dual oversight has been a challenge, with the SEC's stricter approach versus the CFTC's more lenient one.
Key Points of FIT 21:
- Classification based on project control and token/voting rights exceeding 20%.
- Encourages projects to decentralize.
- Public fundraising as a commodity with a valuation under $75 million and retail participation below 10%.
This could pave the way for significant development in decentralized applications. In this evolving landscape, tools like Kryptos—a free crypto tax software with portfolio management—become invaluable. Kryptos simplifies tax compliance and portfolio tracking, ensuring you stay on top of your crypto game.
Stay informed and ahead in the crypto world! 🌐💼💡