The House cryptocurrency bill offers a solution to America’s regulatory uncertainty. The Senate now holds the key.
Americans have enthusiastically embraced digital assets, with the recent Cryptocurrency Adoption and Sentiment Report revealing that U.S. digital asset ownership surged from 30% in 2023 to 40% in 2024. This surge is attributed to the financial inclusion and empowerment digital assets offer millions of Americans, with Congress playing a crucial role in shaping the future of this industry.
The U.S. House of Representatives has taken proactive steps by passing a widely supported bipartisan bill known as The Financial Innovation and Technology for the 21st Century Act (FIT21). This bill aims to update U.S. securities laws to accommodate today’s technological advancements, assigning responsibilities to the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) while creating tailored frameworks for the digital asset industry to thrive in American markets.
With the increasing ownership of digital assets in the U.S., FIT21’s robust consumer protections are vital safeguards. It separates consumer funds from institutional funds, provides risk disclosures, extends bankruptcy protections, and addresses conflicts of interest to enhance transparency and prevent fraud. Additionally, FIT21 aims to deter money laundering, combat terrorism financing, and bolster cybersecurity standards to safeguard America’s financial infrastructure.
Furthermore, FIT21 fosters innovation in the American digital asset market by clarifying industry regulations and reducing uncertainty that may prompt American innovators to seek opportunities in offshore markets. The legislation is crucial not just for digital asset companies but also for the economy and maintaining U.S. leadership in this foundational technology.
It is now up to the Senate to pass FIT21 and provide long-term stability for the digital assets market, ensuring a safer and more inclusive investment environment for every consumer. By solidifying America’s position as a global leader in the digital economy, passing FIT21 will have a lasting impact on the industry and the country’s economic future.
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