The FIT21 bill aims to clearly define cryptocurrencies, classify specific cryptocurrencies to determine whether they are securities or commodities, and decide which government agency will regulate them. The crypto bill proposal will next be sent to the U.S. Senate for a vote.
JinseFinanceThis article will interpret the FIT21 Act from the aspects of legislative background, bill content, and potential impact.
JinseFinanceWith the general election approaching, the continued expansion of the influence of the crypto industry has made crypto as a whole an important voting base in inter-party games, which will also have a very positive impact on the passage of FIT21.
JinseFinanceOne of the hallmarks of stablecoin regulation in the United States is uncertainty about which federal agencies have the authority to oversee these products.
JinseFinanceIt is an unstoppable trend that crypto assets are introduced into traditional finance in a compliant manner by Wall Street institutions and attract a wide range of people.
JinseFinanceWhile many in the industry cheered the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), many others raised criticisms and concerns.
JinseFinanceLearn how the FIT 21 bill’s decentralization test defines digital commodities, crucial for protocols aiming to decentralize.
WeiliangUS House passes FIT21 bill, providing clarity on crypto regulations. Industry lauds bipartisan effort for consumer protection.
Xu LinThe regulatory environment for digital assets in the U.S. has long been difficult to maintain. Blockchain Association CEO Kristin Smith wrote that FIT21 represents an important step in the right direction.
JinseFinanceThe legislation gives the U.S. CFTC new jurisdiction over digital commodities and clarifies the U.S. SEC’s jurisdiction over digital assets offered as part of investment contracts.
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