As a seasoned crypto investor, I strongly support Ro Khanna’s call for regulatory clarity around blockchain and digital assets in the United States through the FIT21 bill. The lack of clear guidance from regulatory bodies like the SEC has created uncertainty and hindered the growth of this innovative industry.
As a researcher, I’m advocating for the White House to back the Financial Innovation and Technology for the 21st Century (FIT21) bill, which is designed to regulate and foster growth in the blockchain industry. This recommendation stems from the recent controversy surrounding Joe Biden’s decision to veto the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB 121).
Ro Khanna Rallies Behind FIT21
In a recent conversation with MSNBC, Representative Ro Khanna emphasized the need for clear-cut regulations concerning blockchain technology and digital assets in the US. He advocated for the adoption of the FIT21 legislation, which would provide much-needed guidance in this arena.
As an analyst, I’ve noticed some apprehension expressed by the Administration regarding blockchain technology. However, I believe taking a more supportive stance could bring about regulatory clarity. Speaker Pelosi and I have advocated for Patrick McHenry’s recent bill, which aims to provide such clarification. It would be beneficial if the White House aligned with this initiative.
Amidst the ongoing bipartisan push in the House, this legislation is making its way towards the Senate. However, the bill’s fate in the Senate remains unclear. Both industries and crypto advocates are urging the relevant authorities to support the FIT21.
As an analyst, I’ve observed that Ro Khanna acknowledged Biden’s significant advancements in technology, particularly in the tech industry, which have seen the highest investments since the Kennedy era. Notably, these developments include progress related to Chips. However, he pointed out a slight change in Wall Street’s stance due to recent events. Previously, Democrats enjoyed almost unanimous support from Silicon Valley at around 90%, but this has now dropped to approximately 70%. With the upcoming U.S. election bringing crypto into the mainstream spotlight, stakeholders are actively advocating for pro-industry legislation.
Crypto Regulation Garners Steam
Paul Grewal, the Chief Legal Officer at Coinbase, recently emphasized in an interview that it’s important for the White House to take notice of the growing pro-crypto regulation movement. He specifically mentioned the co-chair of Bernie Sanders’ 2020 campaign, who is now advocating for crypto regulations under the FIT21 bill. Grewal suggested that the White House might want to consider listening to these voices and taking action on crypto regulation.
Coinbase has taken a public stance in favor of regulated cryptocurrency markets within the US, despite ongoing legal action with the Securities and Exchange Commission (SEC). Meanwhile, executives in the crypto sector have voiced concerns over what they perceive as excessive regulatory measures from the SEC.
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2024-06-03 22:10