"Hello crypto lovers!đ Although FIT21 is a big development for the US crypto industry, it also brings with it some problems.đ
The law creates a dual market for crypto tokens, distinguishing between ârestricted digital assetsâ and âdigital commodities.â This doesn't sit well with the global and fungible nature of crypto tokens.đđą
Additionally, the law struggles to draw a clear line as to when a project is "insufficiently decentralized." This could lead to regulatory confusion between the SEC and CFTC.đ¤ˇââď¸
However, everything has a solution! The bill must be amended to protect customers and ensure functional US digital asset markets.đ
What are you thinking? We are waiting for your comments!đđ#DeFi#Web3"
(Translation: "Hello crypto lovers!đ Although FIT21 is a big development for the US crypto industry, it also brings some problems.đ
The law creates a dual market for crypto tokens by distinguishing between "restricted digital assets" and "digital commodities". This is not very suitable for the global and fungible nature of crypto tokens.đđą
Also, the law struggles to draw a clear line on when a project is "decentralized enough". This can lead to confusion in regulatory oversight between the SEC and CFTC.đ¤ˇââď¸
But, every problem has a solution! The bill should be amended to protect customers and ensure functional US digital asset markets.đ
What do you think? We're waiting for your comments!đđ#DeFi#Web3")
