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Blockchain Association Urges House Floor Vote for FIT21
The Blockchain Association has called for a full House floor vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) in a recent letter to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries. The FIT21, also known as H.R. 4763, is expected to be voted on in the House this week, potentially marking a significant step in crypto-oriented regulation in the U.S.
Push for Regulatory Clarity and Innovation
The letter, signed by prominent industry players such as Ripple, Kraken, and Circle, emphasizes the importance of legislation that provides a framework for innovation, regulatory clarity for U.S. operators, and protection for users and consumers. It highlights the need for clear rules in the market to avoid confusion among companies and ensure the safety of users.
Criticism of U.S. Crypto Regulations
The U.S. regulatory approach towards cryptocurrencies has faced criticism, particularly the Securities and Exchange Commission’s (SEC) enforcement-focused strategy. Critics argue that the lack of clarity in regulations could drive businesses away from the U.S. and hinder technological progress in the country.
Advocating for Pro-Innovation Policies
The Blockchain Association’s letter advocates for pro-innovation and pro-consumer regulations to create a fair and secure marketplace and maintain U.S. leadership in the digital asset space. If FIT21 is passed, it would shift the responsibility of digital asset regulation to the Commodities Future Trading Commission (CFTC) while enhancing legal protections for crypto consumers.
Congressional Support for Crypto Legislation
The momentum for effective crypto legislation is growing, with Congress recently approving a resolution that could impact the SEC’s crypto guidance. President Joe Biden’s stance on the resolution to disavow the SEC’s accounting bulletin, SAB121, may indicate a shift in regulatory approach towards digital assets in the U.S.
In conclusion, the potential passage of FIT21 could signal a new era of digital asset regulation in the United States, providing more freedom for participants in the crypto space.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
