US House of Representatives Passes Bipartisan Cryptocurrency Bill FIT21

27/05/2024 22:47

According to Odaily, the US House of Representatives has recently passed the bipartisan cryptocurrency bill, Financial Innovation and Technology Act of the 21st Century (FIT21). However, it is important to note that the bill has not yet become law. Policy observers have stated that the likelihood of the bill being passed in the US Senate is quite low. The White House, US SEC Chairman Gary Gensler, and several congressmen have also issued stern statements about the bill. Despite years of regulatory and corporate struggles, the crypto community views this as a victory, especially the builders behind decentralized platforms, which are often overlooked by existing legal frameworks. Under FIT21, fully decentralized digital assets will be eligible to become commodities. One of the criteria is that the issuer or so-called affiliated person cannot hold more than 20% of the tokens and project voting rights. Centralized tokens that do not meet this condition will be deemed securities. Therefore, they will fall under the jurisdiction of the SEC, while decentralized tokens will be regulated by the CFTC. Rashan Colbert, Policy Director of decentralized trading platform dYdX Trading, stated that the regulation is 'almost' clear for the crypto industry. He said, 'Industry participants may find it difficult to meet different decentralization thresholds, and this kind of back-and-forth movement between two regulatory agencies may be very troublesome in practice.' Colbert also mentioned that it is unusual for the CFTC to regulate the commodity spot market. Nevertheless, this is a big step, especially for DeFi projects. He added, 'This bill makes us more confident because we know we have clear rights to continue doing what we are currently doing, which is exactly what the industry really wants now.'

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US House of Representatives Passes Bipartisan Cryptocurrency Bill FIT21

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