Key Points:
The Biden administration further stated it had concerns over the bill in its present form, since consumers and investors might not be sufficiently protected in some digital asset transactions. It also expressed a commitment to working with Congress to come up with a comprehensive regulatory framework.
Gary Gensler, the Chairman of the US Securities and Exchange Commission, went hard against the FIT 21 crypto bill, highlighting that it had huge regulatory gaps and put investors and capital markets at risk. Gensler complained that the bill would exempt from the definition of securities blockchain-based investment contracts, meaning issuers could dodge the oversight of the SEC.
Despite pushback from Gensler and the Biden administration, the bill was supported by certain members of Congress and crypto players. Congressman French Hill said:
“With the FTX collapse fresh in our minds, we wanted to ensure that the U.S. avoided future fraudulent activity conducted in the same manner as we witnessed with FTX.”
Crypto companies, including Coinbase and Kraken, have also been voicing support for the legislation. The Crypto Council for Innovation echoed the sentiment that responsible regulation is important in the industry. The vote on FIT 21 is now likely to be an important moment for crypto legislation in the United States.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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