Crypto Regulation Receives Support from FIT21, CCI and 60 Organizations
The Crypto Innovation Council (CCI), along with 60 other crypto companies and organizations, 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 calling for this landmark legislation to be signed into law.
FIT21 Coalition Receives Support from 60 Crypto Organizations
FIT21: A historic bill that will provide much-needed regulatory clarity to the crypto industry while ensuring consumer and investor protection. Many digital asset companies and organizations will engage constructively with policymakers to help provide 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, as well as other crypto firms such as 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 establish 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.
In addition to regulation, FIT21 also assists with protection by segregating client funds, enforcing risk disclosures, extending bankruptcy protections, enforcing minimum capital requirements and addressing conflicts of interest.
Also Read: terra luna‘s Classic Offer Is Inconsistent with Binance, CoinMarketCap: Top Developer
US Lags Behind Major Jurisdictions
The United States lags behind other countries in developing a regulatory framework for digital assets. Major economies such as the European Union, United Kingdom, Singapore, Japan, South Korea, UAE, Brazil and Australia have made significant progress in this field. Without Congressional action to pass effective rules, American innovators will continue to migrate overseas.
Cryptocurrency executives have warned of risks to national security and the economy if American investors and consumers continue to turn to offshore markets.
Also Read: Bitcoin News: On-chain Data Signals Potential End of Bull Cycle This Month
✓ Share:
Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Crypto #Regulation #Receives #Support #FIT21 #CCI #Organizations