What is the FIT21 Bill, Vote yay or nay?

Financial Innovation and Technology for the 21st Century Act to be more specific…

Background: If you’ve been in digital assets for some time now, you’ve probably heard the arguments between the SEC (the group that oversees stocks) and CFTC (the group that oversees commodities) on who gets to make the rules and laws around Bitcoin, Ethereum, and other digital assets.

The SEC says that Bitcoin is a security (like a stock) and should be treated as one.

The CFTC says Bitcoin is a commodity (like grain or corn) and should be treated as one.

Well, some dude named Glenn Thompson says it’s not that simple. It’s not exactly a security or a commodity, it’s a mix between the two since it’s a new piece of technology. He’s also a House of Rep for Pennsylvania…. He is introducing an idea to have both agencies work together to figure out what’s going on with the rules around digital assets in the U.S.

Glenns going to try to make the SEC and CFTC, who have conflicting views on digital assets, work together to find the best path for some laws around digital assets to help legitimatize the industry.

When FTX screwed everyone, that opened lawmakers’ eyes to the need for some rules around this stuff. One of the provisions is “Requirements for exchanges, brokers, and dealers to segregate customer funds and reduce conflicts of interest through registration and operational standards.” Which could have prevented FTX from doing exactly that, or maybe not.

Now whatever agency, SEC or CFTC, has the power to make and change rules around these “things”.

Summary: No one in the USA has any idea what the rules around digital assets are. There is a Bill that is being voted on to have the SEC and CFTC come up with some basic rules around digital assets and give people some clarity.

This bill could help the USA become the leader in digital asset innovation. Whether you believe in it or not, this could possibly mean more jobs for people, new technologies being developed, and maybe someday it’ll make our lives a little easier…. Financially.

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