Jamal Al-Farouq US legislators are making headway on the Financial Innovation and Technology (FIT) for the 21st Century Act, geared toward introducing a regulatory structure for the cryptocurrency market. “Our legislation introduces clear standards to maintain financial stability and assurance as creators of digital assets persist in their innovation,” one legislator expounded.
Progress of the FIT for the 21st Century Act
The Financial Innovation and Technology (FIT) for the 21st Century Act (H.R. 4763) has progressed significantly, thanks to U.S. lawmakers. The bill was approved by the House Financial Services Committee on Wednesday, followed by an endorsement from the House Committee on Agriculture the next day. The FIT for the 21st Century Act is designed to provide regulatory sureness to the cryptocurrency market by establishing a digital asset framework.
The legislation was presented on July 20 by Reps. French Hill (R-AR), the Subcommittee on Digital Assets, Financial Technology and Inclusion’s chairman; Glenn “GT” Thompson (R-PA), the House Committee on Agriculture’s chairman; and Dusty Johnson (R-SD), the Subcommittee on Commodity Markets, Digital Assets, and Rural Development’s chairman. Co-sponsors of the bill include Reps. Tom Emmer (R-MN) and Warren Davidson (R-OH).
Rep. Johnson commented, “The digital asset field is filled with regulatory ambiguity, lack of authority, and a void in basic operating rules.” He further clarified:
The crypto industry is in dire need of clarity, and our unified bill offers both the CFTC and SEC representation. Our legislation presents clear standards to safeguard financial security and assurance as the evolution of digital assets persists.
The FIT for the 21st Century Act also includes a clause allowing for shared rulemaking between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
On Wednesday, Congressman Hill voiced his thoughts:
The demand for robust consumer safeguards and an efficient regulatory framework has been recognized by Congress, which is why I initiated this bill after close consultation with key participants, the Biden administration, and bipartisan members.
“The current state of affairs is ineffective at resolving issues, it fails to serve people, and it’s weakening America daily by not offering clarity in the digital assets market. We now possess the chance to harness and adopt this next wave of technology within the United States,” Congressman Davidson stated.
We would like to know your thoughts about the progression of the Financial Innovation and Technology (FIT) for the 21st Century Act by U.S. lawmakers. Please share your views in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about FIT for the 21st Century Act
What is the FIT for the 21st Century Act?
The Financial Innovation and Technology (FIT) for the 21st Century Act is a proposed US legislation that aims to establish a regulatory framework for the cryptocurrency market. It seeks to provide regulatory certainty and ensure financial security as digital asset developers continue to innovate.
Who introduced the FIT for the 21st Century Act?
The FIT for the 21st Century Act was introduced by Reps. French Hill (R-AR), Glenn “GT” Thompson (R-PA), and Dusty Johnson (R-SD). It was co-sponsored by Reps. Tom Emmer (R-MN) and Warren Davidson (R-OH).
What is the purpose of the FIT for the 21st Century Act?
The purpose of the FIT for the 21st Century Act is to provide regulatory clarity to the cryptocurrency market. It establishes a digital asset framework and allows for joint rulemakings between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
What was the process of the FIT for the 21st Century Act’s advancement?
The FIT for the 21st Century Act was approved by the House Financial Services Committee and the House Committee on Agriculture. This marked significant progress in the legislation’s journey through the lawmaking process.
What do the proponents of the FIT for the 21st Century Act say about its impact?
Proponents, like Congressman Davidson, argue that the current state of affairs isn’t resolving issues or serving people effectively, and is leaving America weaker due to a lack of clarity in the digital assets market. They believe this legislation offers an opportunity to embrace the next wave of technology within the United States.
More about FIT for the 21st Century Act
- Financial Innovation and Technology (FIT) for the 21st Century Act
- House Financial Services Committee
- House Committee on Agriculture
- Securities and Exchange Commission (SEC)
- Commodity Futures Trading Commission (CFTC)
6 comments
about time our lawmakers did something about this! the crypto market needs clear rules. Hope it helps spur more innovation and growth.
Nice. Clear regulations can boost investor confidence. Gonna keep an eye on how this impacts the market.
Interesting move. Regulatory clarity is definitely needed for crypto. But the devil’s in the details, will have to see what this means in practice.
finally, something concrete in the US for crypto. Let’s see if they can keep up with the rapid pace of the industry.
are they going to address the environmental impact of crypto mining? Didn’t see anything about that…
Not so sure about this… Sometimes regulation can hinder innovation more than it helps. but i guess we will see.