As a seasoned crypto investor with a keen interest in regulatory developments, I share Graham Steele’s concerns regarding the Financial Innovation and Technology for the 21st Century Act (FIT 21). His insightful perspective on the progressive framing of the petition, which misrepresents the bill as an adversary to “Big Tech,” resonates with me.
As the House of Representatives gears up for a significant ballot, Graham Steele, a previous officer at the Treasury Department, voices his concerns against the Financial Innovation and Technology for the 21st Century Act (FIT 21). This legislation aims to control the digital assets sector.
The FIT 21 petition employs persuasive language, arguing that the act serves to counteract “Big Tech’s” influence. In actuality, FIT 21 sets up a relatively lenient regulatory scheme for cryptocurrencies, keeping securities laws largely untouched. (There’s no ban on Big Tech in this bill.)
— graham steele (@steelewheelz) May 21, 2024
As a researcher examining the FDIC Chair candidacy, I raise concerns about the ability of FIT 21 to tackle current financial technology challenges effectively. Detractors contend that its lenient stance might disregard investor safeguards and market equilibrium, with Big Tech’s influence being a significant concern.
Although companies such as Coinbase and Kraken back the Financial Innovation Technologies Act (FIT 21), apprehensions persist regarding potential legal loopholes and implications for shareholder rights. Congressmembers Maxine Waters and David Scott among the Democrats, express their opposition to FIT 21 due to concerns over threats to existing securities regulations and market equilibrium.
A confidential email disclosure raises concerns that safe harbor rules could be exploited for deceitful practices and market manipulation. Legislators intend to seek guidance from the Securities and Exchange Commission (SEC) on this matter.
The ongoing debate showcases the larger discourse surrounding the political aspects of cryptocurrency regulation. Mike Novogratz, CEO of Galaxy Investment Partners, advises against politicizing these regulations and instead advocates for a unified, bipartisan solution.
The outcome of FIT 21’s proceedings is crucial, as it showcases the delicate equilibrium required to promote technological advancement and impose necessary regulations in the realm of digital assets.
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2024-05-22 07:48