The Crypto Council for Innovation (CCI), along with 60 other crypto companies and organizations, supports the Financial Innovation and Technology for the 21st Century Act (FIT 21).
The Crypto Council for Innovation (CCI) and 60 other crypto companies and organizations have signed a support letter for the Financial Innovation and Technology for the 21st Century Act (FIT 21).
However, Congressmen, like US Representative French Hill, have called for the momentous measure to be signed into law.
FIT21 Coalition Receives 60 Crypto Entities’ Support
FIT21 is a historic measure that would safeguard investors and consumers while bringing much-needed regulatory clarity to the cryptocurrency industry.
Numerous digital asset organizations and companies should constructively engage policymakers to deliver regulatory clarity and position the United States as a global leader in innovation and technology.
However, seven crypto firms, including Andreessen Horowitz, Coinbase, Circle, Digital Currency Group, Galaxy, Gemini, and Sei, in addition to CCI, The Digital Chamber, and Stand With Crypto, have signed the letter of support for H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT 21”).
The legislation will facilitate the establishment of a regulatory structure by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regarding the issuance and trading of digital assets.
Moreover, it will clarify which digital assets fall under the SEC and CFTC’s jurisdiction.
FIT21 aids protections in segregating customer funds, requiring risk disclosures, extending bankruptcy protections, imposing minimum capital requirements, addressing conflicts of interest, and facilitating regulation.
U.S. Slacks Behind Major Nations
In devising a regulatory framework for digital assets, the United States falls behind other nations.
However, prominent economies, including the European Union, United Kingdom, Singapore, Australia, Japan, South Korea, United Arab Emirates, and Brazil, have all made substantial strides in this domain.
Without active regulation-making by Congress, American innovators will persist in their decision to relocate overseas.
Furthermore, the continued reliance of American consumers and investors on offshore markets has prompted concerns among crypto executives regarding potential threats to both national security and the economy.
