As a seasoned crypto investor with a keen interest in the regulatory landscape of digital assets, I’m thrilled to see the Crypto Council for Innovation (CCI) and 60 other crypto companies and organizations expressing their support for the Financial Innovation and Technology for the 21st Century Act (FIT 21). This landmark legislation is a game-changer for our industry, offering much-needed regulatory clarity while ensuring consumer and investor protection.
The Crypto Council for Innovation (CCI) and around sixty other crypto businesses and organizations have endorsed a statement in favor of the Financial Innovation and Technology for the 21st Century Act (FIT 21). US Representative French Hill and other congresspeople are advocating for this groundbreaking legislation to be enacted into law.
FIT21 Coalition Gets Support from 60 Crypto Entities
The FIT21 bill holds significant historical importance as it aims to bring clarity to the crypto industry’s regulatory landscape, safeguarding consumers and investors. Various digital asset firms and organizations are actively collaborating with policymakers to foster regulatory certainty and establish the US as a pioneering force in technological innovation within this sector.
As a researcher studying the crypto industry, I’ve come across a noteworthy development. Seven organizations, including CCI, The Digital Chamber, Stand With Crypto, as well as crypto heavyweights such as Andreessen Horowitz, Coinbase, Circle, Digital Currency Group, Galaxy, Gemini, and Sei, have collectively penned a letter to voice their support for H.R. 4763, also known as the “Financial Innovation and Technology for the 21st Century Act” (FIT 21).
As a seasoned analyst, I would put it this way: The establishment of a regulatory framework by both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) for digital asset issuance and trading is an essential step in my opinion. This framework will bring much-needed clarity regarding which digital assets fall under the jurisdiction of each commission, ensuring a more transparent and orderly market.
In addition to ensuring compliance with regulations, FIT21 also strengthens safeguards for customer funds through segregation, mandates risk disclosures, extends bankruptcy protections, sets minimum capital requirements, and deals with potential conflicts of interest.
US Lags Behind Major Jurisdictions
The United States is falling behind other major economic powers in establishing regulations for digital assets. Countries such as the European Union, the United Kingdom, Singapore, Japan, South Korea, the UAE, Brazil, and Australia have made substantial headway in this field. In the absence of congressional legislation to establish robust rules, American innovators may continue to relocate overseas.
Cautioning from crypto industry leaders, national security and economic risks may ensue if US investors and consumers persistently opt for foreign cryptocurrency markets.
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2024-05-17 18:48