Sirwin
Sirwin

(URGENT) Calling all Americans: FIT21 Bill hits House floor 5/22

By NasdaqNico | Breaking News : Crypto | 22 May 2024


In case you haven’t been brought up to speed: there’s been a bill making its way through congress that would significantly benefit not just Americans involved in the industry, but the entire industry as a whole. 

Aptly titled; the Financial Innovation and Technology for the 21st Century Act or (FIT21) hits the United States Congressional House floor tomorrow for an official vote. 

Why this is a big deal:

At the time of writing, the industry is a “free for all” in terms of regulatory jurisdiction. The SEC, CFTC, FINRA, DOJ, IRS, U.S Dept. of treasury, Federal Reserve and other Federal/State agencies currently oversee the cryptocurrency industry. Under the FIT21 Act, these bodies would no longer have the authority to regulate or pursue legal action against cryptocurrency companies, such as exchanges, blockchain companies, or other fintech entities.

The FIT21 Act proposes to transfer these agencies jurisdiction over cryptocurrency-related activities to the new Financial Technology Authority (FTA), which would be responsible for regulating and supervising the cryptocurrency industry.

This is a grassroots movement.

Any/all crypto or blockchain related political action groups have been advocating and helping citizens reach out to their respective congressional representative(s) for quite some time now. If passed, no longer would the industry have to avoid American clients like the plague due to the lack of legal framework that currently puts them at risk of fleecing by the DOJ, SEC, CFTC, and numerous other regulatory agencies. You might recall the shots Changpeng Zhao (CZ), founder of Binance has had to endure. Where even if you attempt to operate within the bounds of the states, the lack of established regulatory framework has proven itself simply a MAJOR liability. Without this framework, the Federal government is, has, will, and will continue use every agency it has at its’ own will. 

Implications of FIT21:

Key takeaways are that if passed, this bill would establish one single regulated body whom would oversee the industry. The SEC, DOJ, and friends would no longer have a jurisdiction over any companies or individuals involved in the space (to an extent). 

“ The FIT21 Act aims to create a more comprehensive and coordinated regulatory framework for the cryptocurrency industry, which is currently fragmented across various agencies and jurisdictions. The FTA would be responsible for:

  1. Regulating cryptocurrency exchanges and trading platforms
  2. Overseeing initial coin offerings (ICOs) and security token offerings (STOs)
  3. Monitoring cryptocurrency derivatives and other financial products
  4. Enforcing anti-money laundering (AML) and know-your-customer (KYC) regulations
  5. Conducting oversight and examinations of cryptocurrency companies
  6. Providing guidance and education to industry participants
  7. Collaborating with international regulatory bodies to address cross-border issues

The FTA would be headed by a Director, who would report to the Secretary of the Treasury. The agency would be structured into several divisions, including:

  1. Market Regulation Division: Responsible for regulating cryptocurrency exchanges and trading platforms
  2. Capital Markets Division: Overseeing ICOs, STOs, and other financial products
  3. Compliance Division: Enforcing AML and KYC regulations
  4. Examination Division: Conducting oversight and examinations of cryptocurrency companies
  5. Policy and Guidance Division: Providing guidance and education to industry participants

By establishing a dedicated agency to oversee the cryptocurrency industry, the FIT21 Act aims to provide a more streamlined and effective regulatory framework that promotes innovation, consumer protection, and financial stability. “

HOW YOU CAN HELP:

Organizations like Stand With Crypto, a grassroots nonprofit cryptocurrency legislative advocacy group have a host of tools readily available for anyone to step up and join the fight. 

It takes less than 5 minutes thanks to their automated process / prompt to not only find out who your congressperson is and their voting record & stance on crypto, but to also email them regarding this particular legislation encouraging a ‘yay’ vote with plenty of context. You don’t even need to leave your browser, and you can get various NFT’s for taking action like emailing or calling your representative. 

Here’s my link to Stand With Crypto’s website

The House votes tomorrow guys… we can’t afford to miss this opportunity. Do the community and your fellow citizens this favor if not for crypto, for the sake of at least taking the stance against an authoritarian regime style legislative environment. It’s taken its toll on Americans’ and will continue to until we do something about it. 

Crypto is here, and proven it’s not going anywhere. Are you going to fight to join this monumental time we’re being offered, or sit back and miss out while the rest of the world moves on without us?….

How do you rate this article?

23


NasdaqNico
NasdaqNico

*Any content posted relating to BitGet LLC or its’ subsidiaries has been authorized, non-BitGet & co content/commentary is not reflective of/or/on behalf of the company*


Breaking News : Crypto
Breaking News : Crypto

Headlines from the frontlines.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.