Chris Dixon, managing partner of A16z Crypto and Brian Armstrong and Faryar Shirzad, directors of Coinbase, call on US legislators to pass the Financial Innovation and Technology for the 21st Century (FITXNUMX) bill.
The Financial Technology and Innovation Act for the 21st Century (FITXNUMX), which was introduced in the US House of Representatives in June last year, is a bill aimed at providing regulatory clarity to the growing cryptocurrency and digital asset market. .
This 212-page bill seeks to prevent illicit activity with cryptocurrencies, offering protection and security to users and investors who participate in this digital financial ecosystem, but without suffocating the innovation that new technologies entail.
Chris Dixon, managing partner of A16z Crypto, wrote on his X (formerly Twitter) account that the regulatory approach proposed at FIT21 “will ensure oversight of cryptocurrency exchanges and protect American consumers by implementing strict rules on cryptocurrency trading.” Dixon also commented that this regulatory approach will not limit innovation and the right to financial privacy of users, as other regulations have done.
Brian Armstrong and Faryar Shirzad, directors of Coinbase, a cryptocurrency company operating in the United States, have also celebrated the presentation of this bill, expressing their interest in FIT21 being approved in the House of Representatives.
CFTC vs SEC
One of the key features of FIT21 is defining which agencies will be in charge of the supervision and regulation of cryptocurrencies and their commercial activity. In this sense, the bill seeks to put the regulation of cryptocurrencies and decentralized blockchain networks in the hands of the United States Commodity Futures Trading Commission (CFTC) and leave the SEC in charge of those functional cryptoasset projects. but not decentralized that comply with the securities law.
“The legislation grants the Commodity Futures Trading Commission (CFTC) new jurisdiction over digital commodities and clarifies the jurisdiction of the Securities and Exchange Commission (SEC) over digital assets offered as part of a trading contract.” investment,” noted the House Financial Services Committee.
The bill also establishes the regulatory requirements that cryptocurrency projects must meet, in order to provide strong protections for users and consumers and foster the regulatory clarity necessary for the digital asset ecosystem to thrive in the country.
FIT21, a bipartisan digital assets bill
Representative James French Hill, chairman of the House Digital Assets Subcommittee, believes that the approval of the aforementioned bill, and the regulatory controls it establishes on crypto market participants, could have prevented the FTX crisis.
On the other hand, Patrick McHenry, representative of the Chamber, also believes that FIT21 addresses the needs of cryptocurrency investors, providing a clear regulatory framework for digital asset markets.
“This legislation will solidify American leadership in the global financial system for decades to come and reinforce our role as an international center of innovation.”McHenry stated, welcoming the bipartisan efforts of US lawmakers to finally bring clarity to the growing cryptocurrency industry in the country.
Other lawmakers, such as Glenn Thompson and Dusty Johnson, also support the passage of FIT21 to provide regulatory clarity to the cryptocurrency market, while ensuring security and encouraging US innovation and leadership in the cryptocurrency space. digital assets and blockchain technology.
The vote on the Financial Innovation and Technology for the 21st Century (FITXNUMX) bill will occur later this month, according to the release published by the House of Representatives on May 10.
