There’s been a lot of coverage about the Financial Innovation and Technology for the 21st Century Act (FIT 21), which should receive a Congressional vote today. However, there’s been little reporting about the details of the Act. While it’s a bipartisan Bill, some Democrats, the White House and the SEC oppose it. The Bill’s major progress is recognizing that some digital assets shouldn’t be regulated as securities. At the same time, it has several flaws and may need more work.
Update: as expected, a significant number of Democrats (71) voted in favor of the Bill, so it was approved with 279 votes in favor and 136 opposed.
Today the White House issued a statement saying, “The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system.”
It added that it doesn’t see the Bill providing sufficient investment protections.
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