US Lawmakers Advance ‘FIT for the 21st Century Act’ to Establish Crypto Framework

U.S. lawmakers person precocious the Financial Innovation and Technology (FIT) for the 21st Century Act that establishes a regulatory model for the crypto market. “Our measure establishes wide principles to guarantee fiscal information and certainty arsenic integer plus developers proceed to innovate,” a lawmaker explained.

FIT for the 21st Century Act Advances

U.S. lawmakers person precocious the Financial Innovation and Technology (FIT) for the 21st Century Act (H.R. 4763). On Wednesday, the House Financial Services Committee passed the bill, followed by the House Committee connected Agriculture approving it connected Thursday. The FIT for the 21st Century Act establishes a integer plus model to supply regulatory certainty to the crypto market.

Reps. French Hill (R-AR), president of the Subcommittee connected Digital Assets, Financial Technology and Inclusion; Glenn “GT” Thompson (R-PA), president of the House Committee connected Agriculture; and Dusty Johnson (R-SD), president of the Subcommittee connected Commodity Markets, Digital Assets, and Rural Development introduced the measure connected July 20. Its co-sponsors see Reps. Tom Emmer (R-MN) and Warren Davidson (R-OH).

Rep. Johnson explained: “The integer plus abstraction is muddled with regulatory uncertainty, deficiency of authority, and a lacking model for halfway operating principles.” He elaborated:

The crypto manufacture wants clarity and our collaborative measure gives some the CFTC and SEC a spot astatine the table. Our measure establishes wide principles to guarantee fiscal information and certainty arsenic integer plus developers proceed to innovate.

The FIT for the 21st Century Act besides contains a proviso that provides for associated rulemakings betwixt the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Congressman Hill commented connected Wednesday:

Congress has heeded the telephone for beardown user protections and a functional regulatory framework, which is wherefore I introduced my measure aft moving intimately with cardinal stakeholders, the Biden administration, and members from some sides of the aisle.

“The presumption quo is not solving problems, it’s not serving people, and it’s leaving America weaker by the time for failing to supply clarity successful the integer assets market. We present person the accidental to harness and clasp this adjacent procreation of exertion successful the United States,” said Congressman Davidson.

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