Crypto Regulation FIT21 Gets Support From CCI and 60 Organizations

Crypto Council for Innovation (CCI) along with 60 other crypto companies and organizations have signed a support letter for the Financial Innovation and Technology for the 21st Century Act (FIT 21). Congresspeople including US Representative French Hill urges to pass the landmark legislation into law.

FIT21 Coalition Gets Support from 60 Crypto Entities

FIT21 is a historic bill that would provide much-needed regulatory clarity to the crypto industry while ensuring consumer and investor protection. Many digital asset companies and organizations to constructively engage with policymakers to help deliver regulatory clarity and position the U.S. to be a global leader in innovation and technology.

7 organizations including CCI, The Digital Chamber, Stand With Crypto, along with other crypto firms including Andreessen Horowitz, Coinbase, Circle, Digital Currency Group, Galaxy, Gemini, and Sei have signed the letter to express support for H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT 21”).

The law will help create a regulatory framework for the issuance and trading of digital assets by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It will help bring clarity on which digital assets come under the jurisdiction of the SEC and the CFTC.

Along with regulation, FIT21 also helps protections in segregating customer funds, requiring risk disclosures, extending bankruptcy protections, imposing minimum capital requirements, and addressing conflicts of interest.

Also Read: Terra Luna Classic Proposal Is Inconsistent With Binance, CoinMarketCap: Top Developer

US Lags Behind Major Jurisdictions

The U.S. lags behind other countries in developing a regulatory framework for digital assets. Major economies like the European Union, United Kingdom, Singapore, Japan, South Korea, the UAE, Brazil, and Australia have made significant progress in this area. Without Congressional action to pass effective rules, American innovators will continue to migrate offshore.

Crypto executives have warned about risks to national security and the economy if American investors and consumers continue to turn to offshore markets.

Also Read: Bitcoin News: On-Chain Data Signals Potential End of Bull Cycle This Month

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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