Bittime – On May 22, 2024, the United States House of Representatives on May 22, 2024, passed the 21st Century Financial Innovation and Technology Act (FIT21) bill which is also known as the FIT21 Crypto Act.
Ratification was carried out because it received a majority vote of 279 to 136. Strong support from Democratic members of parliament was the key to passing this bill.
Crypto Industry Achievements in the US Legislature
The Crypto Structure Markets Act marks the most significant legislative achievement for the crypto industry in Congress. The bill aims to regulate the crypto spot market and “digital commodities”, especially Bitcoin, by giving greater authority and funding to the Commodity Futures Trading Commission (CFTC).
Although the FIT21 Crypto Bill passed the House, its future in the US Senate remains uncertain. Currently, no similar bill has been introduced in the Senate, so the chances of it being passed into law are still gray.
Here are some key points from the article that have been changed and paraphrased:
- The US House of Representatives passed the FIT21 Crypto Bill with a majority vote.
- The bill gives the CFTC greater authority and funding to regulate the crypto and “digital commodities” spot markets.
- The FIT21 Crypto Act marks the most significant legislative achievement for the crypto industry in Congress.
- The future of the FIT21 Crypto Bill in the US Senate remains uncertain.
Check Today's Crypto Market:
Explanation of the FIT21 Crypto Bill
The FIT21 Crypto Bill aims to provide regulatory clarity for digital assets in the United States. This bill classifies crypto assets into two categories:
- Securities: Assets that represent ownership in an entity will be regulated by the Securities and Exchange Commission (SEC).
- Digital Commodities: More commodity-like assets like Bitcoin will be regulated by the CFTC.
Potential Impact of the FIT21 Crypto Bill
Regulatory clarity could encourage more institutional investors to enter the crypto market, which could increase liquidity and price stability. This bill can help protect consumers from fraud and market manipulation.
Current regulatory uncertainty may hinder innovation in the crypto industry. It is hoped that this bill will encourage innovation by providing a clearer framework.
Views from Various Parties
Many crypto industry players welcomed the FIT21 Crypto Bill as a step in the right direction. However, some parties are concerned that certain provisions may be too strict.
Regulators like the CFTC see the FIT21 Crypto Bill as a necessary tool to oversee the rapidly growing crypto market.
Support for the FIT21 Crypto Bill is generally based on the desire to protect consumers and encourage the growth of the US digital economy.
The FIT21 Crypto Bill must now be filed and discussed in the US Senate. This process could take months, and there is no guarantee that the bill will become law. If passed, this bill would then have to be signed by the US President to become a valid law.
Also Read How To Buy Crypto:
Conclusion
The passing of the FIT21 Crypto Bill in the US DPR is a step forward for crypto regulation in the United States. However, there are still many things that need to be resolved before this bill becomes law. It is important to follow the latest developments to know how the FIT21 Crypto Bill will impact the future of the crypto industry.
Dear Beli Crypto from Bittime
You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Those Who Don't Know: Renzo Announces Season 2 of ezPoint Boost, Here's How to Get It
Stargate Launches V2 with New Features in Late May 2024
Floki Inu (FLOKI) Destroys 15.246 Billion Tokens, Price Drops 5.63%
DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.