Interpreting the Latest US Encryption Bill, FIT21
Updated · 15:19:40 Author: Smart Contract Specialist
Coin World News Report: Recently, the US House of Representatives passed the “21st Century Financial Innovation and Technology Act” (FIT21), marking a significant milestone for the digital assets industry. This article will provide an in-depth analysis of the main provisions of the FIT21 bill and its impact on the digital assets industry.
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Core Content of FIT21
The FIT21 bill aims to establish a clear legal and regulatory framework for digital assets and blockchain technology, including:
Clear Regulatory Framework: The bill specifies the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in the regulation of digital assets. The CFTC will oversee decentralized digital assets, while the SEC will regulate digital assets related to investment contracts.
Consumer Protection: The bill introduces strict consumer protection measures, including transparent disclosure requirements, asset protection mechanisms, and operational requirements to reduce conflicts of interest.
Promotion of Innovation: FIT21 supports innovation in fintech and blockchain technology, ensuring US leadership in the global financial system.
Why is it a Significant Milestone?
Establishment of Legal Status: With the passage of the FIT21 bill, the legal status of digital assets is clearly recognized. This reduces market uncertainty, providing greater confidence for businesses and investors, thus driving market development.
Boosting Market Confidence: A clear regulatory environment helps attract more institutional investors to the digital asset market. This not only brings in substantial capital but also enhances market liquidity and stability.
Promotion of Technological Innovation: Government support for fintech and blockchain technology will encourage more innovative enterprises and developers to enter this field, promoting technological advancement and application expansion in the industry.
Global Regulatory Benchmark: As a key participant in the global financial market, the US regulatory policies on digital assets set a benchmark. The passage of the FIT21 bill may trigger regulatory changes and policy follow-ups worldwide.
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