Sixty crypto organizations are backing a market structure bill that is teed up for a vote next week.
The signers urged House lawmakers to pass the bill in a letter led by the Crypto Council for Innovation and sent to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries on Thursday. FIT21 would raise "new compliance challenges" for crypto firms, but clear rules are needed, the groups said.
"Currently, digital assets firms are instructed to somehow comply with U.S. securities laws that were designed nearly 100 years ago without consideration of the technological advances of today, including the ability for transactions to move at the speed of the internet," they said in the letter.
Get more details on this important news here: https://www.theblock.co/post/295148/60-crypto-firms-pitch-support-for-large-market-structure-bill-ahead-of-next-weeks-vote
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The cryptocurrency industry in United States needs more clarity and leadership coming from the regulatory bodies of the government and so I am a little bit excited with the the Republican-led Financial Innovation and Technology for the 21st Century Act, also known as FIT21. I am hoping that this bill can be creating the more light on the compliance all players of the industry must be following. And since this is coming from the Republicans, I am more confident that is is more crypto friendly and not designed to choke the industry to death. I am just concerned on what can happen once this can be seeing the face of Elizabeth Warren in the Senate...hope this will not be watered down and transformed into a monster instead.