- The US House passed the FIT21 Act to set regulatory clarity for crypto.
- Next on the line is the US CBDC bill and how the US Senate handles both.
As a researcher with a background in financial technology and digital currencies, I am thrilled to see the US House passing the FIT21 Act and preparing to vote on the CBDC Anti-Surveillance State Act. The progress made in US crypto regulation is a significant step forward, offering clarity and potentially fostering innovation in this space.
The advancement of cryptocurrency regulation in the US has been notable, with digital assets emerging as a debated and high-stakes topic leading up to the country’s elections.
As an analyst, I’m pleased to report that following the successful revocation of SEC’s Staff Accounting Bulletin 121 (SAB 121) on the 16th of May, there have been significant strides made in the realm of crypto regulation this week.
On the 22nd of May, the US House of Representatives successfully approved, against President Joe Biden’s objections, the Financial Innovation and Technology for the 21st Century Act (FIT21 Act) through a bipartisan vote.
FIT21 crypto bill
As a financial analyst, I would rephrase it as follows: The FIT21 legislation intends to create a regulatory structure for digital assets in the United States. Notably, this bill proposes that the Commodity Futures Trading Commission (CTFC), known for its relatively industry-friendly stance, assumes primary responsibility for overseeing crypto-related activities within the US financial market.
The Securities and Exchange Commission (SEC) will continue to have jurisdiction over digital assets classified as securities. Coinbase founder Brian Armstrong hailed the passing of the FIT21 Act update as a significant milestone in crypto regulation, bringing clarity to the industry if enacted.
Today marks a significant milestone as the FIT21 bill goes up for a historic vote in the House of Representatives. This legislation is poised to establish much-needed guidelines for the regulation of cryptocurrencies.
The Blockchain Association described the event as a significant turning point or milestone for the cryptocurrency sector.
As an analyst, I found it intriguing that the White House responded to the recent update with a statement of opposition towards the FIT21 Act. However, they also expressed their commitment to collaborating on establishing a fair and comprehensive regulatory structure for digital assets.
As a researcher analyzing the financial world for Bloomberg, I would describe the White House’s statement as an empty gesture or a mere expression of goodwill, which I refer to as “lip service.”
“What are the odds that this is just lip service? I guess time will tell”
As an analyst, I would interpret the current situation as follows: Once the Republican-backed FIT21 Act advances to the Senate, its journey may encounter a pause. Market observers anticipate this delay, predicting that the legislation’s progress could stall until the new Congress convenes in January 2025.
After FIT21 Act, House to vote on US CBDC
This week, the US House of Representatives is set to cast votes on HR 5043, an alternative crypto legislation named the CBDC Anti-Surveillance State Act. The proposed bill aims to restrict the Federal Reserve from launching or employing Central Bank Digital Currency (CBDC), which is commonly referred to as a digital dollar, in their monetary policy.
Tom Emmer, the House Majority Whip for the Republicans, argued that the proposed US Central Bank Digital Currency (CBDC) from the Federal Reserve could infringe upon Americans’ privacy.
As an analyst, I would put it this way: “I believe the Biden Administration is eager to exchange Americans’ privacy rights for a CBDC (Central Bank Digital Currency) surveillance system reminiscent of China’s.”
If both bills clear the US House and Senate and are signed into law, they would bring much-needed clarity to the industry through regulation.
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2024-05-23 16:08