As a seasoned crypto investor with a deep understanding of the industry, I am thrilled about the progress made with the FIT21 Crypto bill. However, I cannot ignore the concerns raised by US Congressman Brad Sherman, who has voiced his opposition to the proposed legislation.
As a crypto investor, I’m thrilled about the significant progress we’ve made in the industry with the recent passing of the FIT21 Act by the US Congress. This bill is set to bring about a robust regulatory framework for cryptocurrencies. However, it’s important not to overlook the concerns raised by Representative Brad Sherman. He has expressed his reservations regarding the potential implications of this legislation on digital assets.
A large number of representatives in the US House of Representatives, approximately 279, endorsed the pro-crypto bill. Conversely, around 139 representatives opposed this approach.
It is important to note that Democrats including Speaker of the House of Representatives Nancy Pelosi, accounted for 71 out of the 279 votes cast to pass the bill, while the remaining 208 votes accounted for Republicans. Additionally, a memo endorsing the Republican-devised proposal was signed by 8 House Democrats, demonstrating the broad bipartisan support for the measure.
FIT21 Crypto Bill Sees Criticism From Brad Sherman
As a financial analyst, I’m excited to share that on May 22, 2023, I witnessed a significant milestone: the House of Representatives approved bill FIT21. This legislation represents a crucial advancement in shaping clear-cut regulations for the American cryptocurrency marketplace.
As a researcher studying the current legislative landscape regarding crypto assets, I can report that the bill under consideration has garnered significant approval so far. However, it remains unsigned into law at this point. If the Senate approves the bill and the President signs it into law, these regulatory bodies – the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) – will gain clear authority over crypto assets.
From a researcher’s perspective, this method aims to grant shared authority to regulatory bodies overseeing the digital asset sector. By doing so, it facilitates the determination of whether particular digital assets fall under the categories of securities or commodities. Furthermore, it serves to protect institutional and retail investors as well as consumers from potential risks within the industry.
As a crypto investor, I’m disappointed to see that our existing regulatory framework is hindering the advancement of digital assets. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are currently locked in a power struggle over these asset classes, creating uncertainty and stifling innovation.
Although the proposed bill holds potential benefits for cryptocurrencies, Congressman Brad Sherman has raised concerns about its detrimental impact on the crypto industry and the United States. In the immediate term, Sherman highlighted that this legislation could weaken the authority of the U.S. Securities and Exchange Commission (SEC).
According to Sherman, the proposed pro-crypto act might result in minimal or no cryptocurrency regulations. He raises concerns that this lenient approach could potentially weaken existing securities regulations governing stocks and bonds, which form the backbone of the US economy.
A Competitor To The US Dollar
In the future perspective, Sherman posits that cryptocurrencies represent a covert form of money separate from US regulatory frameworks. Consequently, should this legislation pass, American authorities would find it challenging to enforce their laws against individuals engaging in illicit activities like drug trafficking or child exploitation, as they could easily transact using these digital assets.
Additionally, Sherman holds the view that the enactment of this legislation could introduce a fresh rival to the US Dollar, considering that several people view digital currencies, such as Bitcoin, as potential alternatives with greater value preservation capabilities than the US Dollar.
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2024-05-23 13:42