FIT21 aims to establish a regulatory framework for digital assets, granting more authority and funding to the CFTC to oversee crypto spot markets and 'digital commodities,' focusing on Bitcoin.
House Financial Services Chair Patrick McHenry highlighted that FIT21 provides regulatory clarity, consumer protections, and ensures the U.S. remains a hub for technological innovation.
Criticism towards FIT21 includes concerns about stretching CFTC's resources and weakening enforcement, noted by Ranking Democrat Maxine Waters and SEC Chair Gary Gensler.
The Senate does not have a companion bill for FIT21, with key Democrats showing little interest, signaling potential challenges in passing this legislation.
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