Focus on FIT21 Act: A new driver of US crypto market regulation and political power shift

author:Avichal – Electric Capital

Compiled by: Xiaobai Navigation coderworld

The U.S. House of Representatives voted on FIT 21. Biden just said he wants to enact a comprehensivecryptocurrencyRegulations. Then,

• What is FIT21?

• Why is this bill important?

• What does FIT21 reveal about the changing dynamics of political alliances and power in the United States?

What is FIT21?

FIT21 is21st Century Financial Innovation and Technology Act, yesThe first bill to attempt to comprehensively define how the U.S. should regulate the crypto market.

There are several key areas and provisions of FIT 21:

• Delineating the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC)

• Providing consumer protection around transparency and disclosure by promoters and endorsers

• Prohibit institutions from preventing people from usingcryptocurrency

• Ask the Treasury to study stablecoins

FIT21 attempts to defineDecentralized systemThe terminology of the blockchain and when a network is decentralized enough to no longer be a security. It introduced a process to certify that an asset is decentralized enough to mark it as a commodity. This was a huge breakthrough.

The SEC must review the petition and respond within 90 days. If the SEC determines that an asset is operated without a controlling entity, then the asset is a commodity and the CFTC has jurisdiction.

For SEC skeptics, this isn’t ideal. But having clear rules is a big step forward.

So why is FIT 21 important?

After three and a half years of hard work, the first thing I learned is:Political and legislative progress is often incremental and imperfect, but occasionally there are major breakthroughs.

When you can make something you want into real law, take it.

FIT21 wasn’t perfect, but it got us one step closer. Not only did we win a new battle, we also gained points on the chessboard. We proved to the world that we know how to get things done. And we may not get another chance like this for several years.

FIT21 does not have a corresponding bill in the Senate. Therefore, it will not become law yet.

Today's vote was performative in nature, but those in power 80% are all performing.

What does FIT21 reveal about the changing dynamics of political alliances and power in the United States?

But who is performing? For whom? What do their performances tell us? These performances will tell you where the world is going.

This poll tells us:

• Republicans have been concerned about this issue since the beginning

• Democrats fear losing votes, money, and this issue to Republicans

• The Democratic Party is breaking away from Elizabeth Warren

• The president is breaking with Warren

The centers of power are shifting, and crypto is winning.

@PatrickMcHenry , @RepFrenchHill @GOPMajorityWhip and others have been advocating for cryptocurrencies for Republicans for years. With 50 million American crypto holders mature, they are well prepared for a power transfer, which is a great validation of their strategy.

If you look at whose opinions have changed in the last 6 months, it's the moderate Democrats. Similar to the Democrats who voted to overturn SAB121 @RepRitchie ,@RepMoulton, @RepSlotkXiaobai Navigationin We now have people like Jim Himes @RoKhanna and @RepWileyNickel Their Republican colleagues voted together.

A year ago, this would have likely been vetoed by the president in a hurry. Today, the White House wants to help clarify cryptocurrency regulations and won’t veto them.

A 180. The White House staff brought their colleagues here.

What does all this mean? What does it signal?

• This shows that moderate Democrats have realized the importance of cryptocurrencies.

• There are enough people here to sway the election.

• There is enough money to help with the election.

• The Democrats are losing these voters.

Elizabeth Warren was at the center of the tech and cryptocurrency regulation movement. She has lost a lot of power as she cost the party votes and donations ahead of 2024. The Democratic Party has now signaled that they don’t want to follow Warren into oblivion.

In 2025, the Senate will appoint new commissioners at the SEC, CFTC, FDA, FTC, etc. If Warren has power, expect someone like Gensler. If Warren doesn't have power, we'll also get @HesterPeirce Such people (Note: The author means that the influence of cryptocurrency in American politics will continue to deepen anyway)

The article comes from the Internet:Focus on FIT21 Act: A new driver of US crypto market regulation and political power shift

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