Regulation
FIT21 crypto regulation gains support from CCI and 60 organizations
The Crypto Council for Innovation (CCI) along with 60 other crypto companies and organizations have signed a letter of support for the Financial Innovation and Technology for the 21st Century Act (FIT 21). Members of Congress, including U.S. Rep. French Hill, are urging this historic legislation to pass.
FIT21 coalition gains support from 60 crypto entities
FIT21 is a landmark bill that would bring much-needed regulatory clarity to the crypto industry while ensuring consumer and investor protections. Many digital asset companies and organizations are engaging constructively with policymakers to help clarify regulations and position the United States to become a global leader in innovation and technology.
7 organizations, including CCI, The Digital Chamber, Stand With Crypto, as well as other crypto companies including Andreessen Horowitz, Coinbase, Circle, Digital Currency Group, Galaxy, Gemini and Sei, signed the letter to express their support for HR 4763, financial innovation. and Technology for the 21st Century (“FIT 21”).
The law will help create a regulatory framework for the issuance and trading of digital assets by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This will help clarify which digital assets fall under the jurisdiction of the SEC and CFTC.
Alongside regulation, FIT21 also helps protect by segregating client funds, requiring risk disclosure, extending bankruptcy protection, imposing minimum capital requirements, and addressing conflicts of interest.
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The United States lags behind major jurisdictions
The United States lags behind other countries in developing a regulatory framework for digital assets. Large economies like European Union, the United Kingdom, Singapore, Japan, South Korea, the United Arab Emirates, Brazil and Australia have made significant progress in this area. Without congressional action to enact effective rules, American innovators will continue to migrate abroad.
Crypto executives have warned of risks to national security and the economy if U.S. investors and consumers continue to turn to offshore markets.
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