As a seasoned crypto investor with a keen interest in regulatory developments, I’m closely monitoring the ongoing debates surrounding the Financial Innovation and Technology for the 21st Century Act (FIT21). The potential backing of this bill by former House Speaker Nancy Pelosi is a game-changer.
Nancy Pelosi, who previously held the position of Speaker in the US House of Representatives, is reportedly supporting the Financial Innovation and Technology for the 21st Century Act (FIT21). This legislation, spearheaded by Republicans, focuses on cryptocurrencies.
Based on information from reliable sources, Pelosi may endorse the bill set for a potential vote on May 22.
Pelosi goes against the opposition of Democrats such as Maxine Waters and David Scott regarding the bill. Contrarily, an email leak from Democratic Party leaders in late May suggested that House Democrats will not be discouraged from voting for it instead.
“The bipartisan legislation aims to bring clarity to cryptocurrency regulations in the United States, tackling persistent concerns related to market supervision and consumer safeguards. The role of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will be clearly defined by this bill.”
As a crypto investor, I’m keeping a close eye on the proposed legislation that aims to redefine the Securities and Exchange Commission’s (SEC) jurisdiction over cryptocurrencies. This shift would be accomplished by updating the Howey test, which is almost a century old, to better reflect the distinctive traits of digital assets. By doing so, we can establish a clear-cut difference between digital commodities and securities.
The crypto industry has enthusiastically received FIT21 as it shifts regulatory responsibility to the Commodity Futures Trading Commission (CFTC), known for its more permissive stance towards the sector.
Mark Hays, a senior policy analyst at Americans for Financial Reform in the fintech sector, points out that this adjustment is consistent with the Commodity Futures Trading Commission (CFTC’s) more lenient regulatory stance, which the industry has advocated for quite some time.
At least eight House Democrats have openly declared their commitment to the bill as of now, based on a recent memo. Among them are Reps. Wiley Nickel from North Carolina, Yadira Caraveo from Colorado, Jim Himes from Connecticut, Jasmine Crockett from Texas, Ritchie Torres from New York, Darren Soto from Florida, Josh Gottheimer from New Jersey, and Don Davis from North Carolina.
According to lawmakers, this bill isn’t about party lines but instead represents a significant chance to govern the cryptocurrency sector effectively.
Expert: Previously, Representative Nickel advocated for legislators to approve the bill by May 21 in order to “hinder future occurrences similar to the FTX incident.”
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2024-05-22 14:17