Regulation
The FIT21 crypto regulation gets support from the ICC 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. Representative French Hill, are urging this historic legislation to be signed into law.
FIT21 coalition gains support from 60 crypto entities
FIT21 is a landmark bill that would provide much-needed regulatory clarity to the cryptocurrency industry while ensuring consumer and investor protection. Many digital asset companies and organizations will engage constructively with policymakers to help ensure regulatory clarity and position the United States as a global leader in innovation and technology.
7 organizations including CCI, The Digital Chamber, Stand With Crypto, along with other cryptocurrency companies including Andreessen Horowitz, Coinbase, Circle, Digital Currency Group, Galaxy, Gemini, and Sei signed the letter expressing support for HR 4763, Financial Innovation and Technology for the 21st Century Act (“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). It will help provide clarity on which digital assets fall under the jurisdiction of the SEC and CFTC.
Along with regulation, FIT21 also helps protect the segregation of client funds by requiring risk information, extending bankruptcy protections, 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. Major economies such as European Union, United Kingdom, Singapore, Japan, South Korea, United Arab Emirates, Brazil and Australia have made significant progress in this area. Without congressional action to pass effective rules, American innovators will continue to migrate abroad.
Cryptocurrency executives have warned of national security and economic risks if American investors and consumers continue to turn to offshore markets.
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