FIT21 Bill Advances: Congress Moves Closer to Clarifying Crypto Regulations
The post FIT21 Bill Advances: Congress Moves Closer to Clarifying Crypto Regulations appeared on BitcoinEthereumNews.com. United States House Financial Services Committee will push a major legislative move toward the Financial Innovation and Technology to the 21st Century Act, known as the FIT21, which will be debated on the floor session. This law is designed to make it clearer what role the two U. S. bodies, the CFTC and the SEC, have in the regulation of digital assets, especially the way they provide guidance that applies to digital assets. It has been in the making since July 2023. Overview of FIT21 bill The FIT21 bill, which was mainly championed by Congressman Patrick McHenry and French Hill from the House Financial Services Committee, is being proposed to set up a crypto strategy between the relevant US agencies. For too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that stifled innovation and left consumers unprotected.#FIT21 will cement American leadership of the global financial system and bolster our role as an international hub for innovation. https://t.co/SI1ovRXk4c — Patrick McHenry (@PatrickMcHenry) May 10, 2024 The main duties of this reform are to increase the CFTC’s jurisdictional scope in order to gather together cryptocurrency products and make more precise the SEC’s jurisdiction over numerous cryptocurrency-related matters. This move is concurrent with a growing need for the regulatory supervision of the digital asset world which is not only swiftly developing but expanding. Passing the FT21 bill to full floor level, voting shows the Bank of Congress that they can work together to find the regulate the sources of digital assets’ confusion. Crypto bipartisan bill. Republican and Democratic politicians have remained strong supporters of the measure, which underscores the need for consumer protection and market certainty as the crypto ecosystem continues developing. Nevertheless, priority on the House’s side can’t be guaranteed as the bill must pass the other chamber and…
The post FIT21 Bill Advances: Congress Moves Closer to Clarifying Crypto Regulations appeared on BitcoinEthereumNews.com.
United States House Financial Services Committee will push a major legislative move toward the Financial Innovation and Technology to the 21st Century Act, known as the FIT21, which will be debated on the floor session. This law is designed to make it clearer what role the two U. S. bodies, the CFTC and the SEC, have in the regulation of digital assets, especially the way they provide guidance that applies to digital assets. It has been in the making since July 2023. Overview of FIT21 bill The FIT21 bill, which was mainly championed by Congressman Patrick McHenry and French Hill from the House Financial Services Committee, is being proposed to set up a crypto strategy between the relevant US agencies. For too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that stifled innovation and left consumers unprotected.#FIT21 will cement American leadership of the global financial system and bolster our role as an international hub for innovation. https://t.co/SI1ovRXk4c — Patrick McHenry (@PatrickMcHenry) May 10, 2024 The main duties of this reform are to increase the CFTC’s jurisdictional scope in order to gather together cryptocurrency products and make more precise the SEC’s jurisdiction over numerous cryptocurrency-related matters. This move is concurrent with a growing need for the regulatory supervision of the digital asset world which is not only swiftly developing but expanding. Passing the FT21 bill to full floor level, voting shows the Bank of Congress that they can work together to find the regulate the sources of digital assets’ confusion. Crypto bipartisan bill. Republican and Democratic politicians have remained strong supporters of the measure, which underscores the need for consumer protection and market certainty as the crypto ecosystem continues developing. Nevertheless, priority on the House’s side can’t be guaranteed as the bill must pass the other chamber and…
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