US Cryptocurrency Bill on CBDC and FIT21: Lip Service or Balanced Regulation?

US Cryptocurrency Bill on CBDC and FIT21: Lip Service or Balanced Regulation?

US CBDC‌ FIT21 Crypto Bills

Avatar

Journalist

  • The US⁢ House⁤ of Representatives ‌passed the⁤ FIT21 bill, ⁤which clarifies the regulatory requirements for cryptocurrencies.
  • Next on the agenda is the US CBDC bill and its consideration by the US Senate.

US crypto regulation is making significant progress as digital assets have become a contentious and political issue in the run-up to the US elections.

Following the SEC’s repeal of Staff Accounting Bulletin 121 (SAB 121This week ⁢saw⁤ further progress on crypto regulation.⁣

The Financial Innovation and Technology for the 21st Century Act was⁢ passed by the U.S. House of Representatives on May 22. FIT21 ActThe FIT21 crypto legislation passed‌ with bipartisan⁢ support despite opposition‍ from President Joe Biden.

FIT21 Crypto Bill

The FIT21 bill aims to⁣ create a ​regulatory framework for digital assets in the U.S. The ‍bill seeks to transfer the majority of crypto oversight‍ to the CTFC, which⁢ is considered more industry-friendly than ​the SEC.

The SEC retains⁤ authority over digital assets⁢ that meet ⁢the⁤ definition of a “security.” Coinbase founder Brian Armstrong called the​ FIT21 Act update a. Historic voteIf it becomes law, ⁣it would ⁤provide clarity and regulation for crypto.

The House‍ of Representatives has passed the FIT21 bill, ​thereby creating clear ‍crypto regulations.

The Blockchain Association, for its part,‍ called⁢ this development “a⁢ turning pointfor the crypto industry.”The White House also reacted to the update. The White ⁢House expressed its opposition to the FIT21 bill,‌ but insisted on its willingness to work towards a balanced ‍regulatory framework for digital assets.

James Seyffart, ‍an ETF ⁢analyst at Bloomberg, ​called the White House statement⁤ ”

lip service.”What are the chances ⁣that this is just ⁢lip service? “I guess ⁣time will ‍tell.”

Next up in ‍the Senate is the Republican-backed FIT21 bill. However, market observers believe that progress could ⁤stall until the next ⁤Congress takes ‍up the issue in 2025.

House of ⁤Representatives⁤ votes on ⁢US CBDC after FIT21 bill⁤

The US House of Representatives‍ is now voting on ‍another crypto-related bill, the CBDC Anti-Surveillance State Act.

HR 5043 This week. The bill is designed to ⁣prevent ⁤the Federal Reserve‌ from issuing CBDC, also known ⁣as digital dollars, or using⁣ it as a tool of monetary policy.Tom Emmer was the Republican House Majority Whip ⁢who ⁤introduced this ⁣bill.

Maintaining your own website is easy. The US CBDC pushed ‌by⁤ the Fed would be a threat to Americans’ privacy. ⁤ The Biden administration⁤ has​ shown that it is⁢ willing to give up‍ Americans’ right to privacy in exchange for a CCP-style CBDC⁤ surveillance‌ tool.

If both bills are passed⁢ by the US House and Senate and become ⁤law, they will provide the industry with the regulatory certainty they have been seeking.

Related Articles

AskFX.com