Chairman Gary Gensler has just spoken out against the 21st Century Financial and Technology Innovation Act (FIT 21), which is about to be voted on in the House of Representatives.

He believes that FIT21 will create legal loopholes, exposing investors to many risks.

Contrary to the SEC chairman, the majority of the Crypto community is very supportive of FIT21 because it brings more legal certainty, something that Crypto is lacking in the United States and around the world.

If this bill passes, it will:

🔹 Providing blockchain projects with a roadmap to launch safely and efficiently in the United States;

🔹 Clarifying the boundaries between the SEC and CFTC as to who manages what, helping to define whether Crypto is a security or a commodity;

🔹 Supervise exchanges and protect investors with regulations such as: separating customer assets from exchange assets, regulating internal token lock times, limiting annual sales volume and requiring information transparency project,...

The House of Representatives is expected to vote on the bill tomorrow morning. After that, FIT21 will need to be approved by the Senate before the President signs it into law, but this process is expected to be accompanied by more drama and is unlikely to come to fruition this year.