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Highlights
- The Blockchain Association has sent a persuasive letter to Speaker Johnson and Representative Jeffries, advocating for the FIT21 Act.
- The FIT21 Act aims to provide a clear legislative framework that fosters innovation and ensures crypto regulatory clarity.
- The FIT21 Act aims to provide a clear legislative framework that fosters innovation and ensures regulatory clarity.
In the push for regulatory clarity in the digital financial services sector, the Blockchain Association has recently sent a persuasive letter to Speaker Johnson and Representative Jeffries. This action emphasizes the urgency for legislative support through the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), positioning U.S. companies at the forefront of global technology.
Blockchain Association Pushes for FIT21 Crypto Bill
The letter articulates the need for a legislative framework that fosters innovation while ensuring crypto regulatory clarity. The Blockchain Association argues that this would benefit both technology operators and consumers in the United States. By establishing pro-innovation and pro-consumer safeguards, the FIT21 Act aims to protect users and uphold fair market practices. These measures are essential to maintain the integrity of financial services and enhance the development of robust Internet infrastructure.
Moreover, the Blockchain Association is not alone in its advocacy. The Crypto Council for Innovation, along with 60 other entities, has echoed this support. Their collective backing underscores the widespread industry consensus on the bill’s necessity. This move signals a strong community readiness to adapt to structured regulatory changes, promoting a healthier ecosystem for digital assets.
FIT21 Act Gains Strong Crypto Industry Support
Significant support for the FIT21 Act also comes from influential crypto firms and lawmakers. Companies like Andreessen Horowitz, Coinbase, and Circle, among others, have publicly supported the bill. Their involvement highlights the industry’s commitment to establishing a clear regulatory path that would benefit both businesses and consumers. Additionally, U.S. House of Representatives members, including Rep. French Hill, have advocated for the bill, urging swift passage to secure America’s competitive position in blockchain and fintech innovations.
This legislative push is critical as it aims to clarify the jurisdiction of digital assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). By defining these boundaries, the FIT21 Act will facilitate safer and more efficient markets for issuing and trading digital assets. Such clarity is anticipated to attract more stable investments and foster sustainable growth within the sector.
The successful passage of the FIT21 Act could be a game-changer for the U.S. in the global technology race. By providing necessary tools and protections, the act enables firms to innovate responsibly while competing internationally. This foundational legislation is seen as crucial for reasserting U.S. leadership in blockchain and fintech innovations.
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