Maxine Waters, a Democrat member of the US House, said that the crypto market structure bill, entitled FIT21, is one of the worst bills she has ever seen. Seventy-one Democratic members voted for the bill, including the previous speaker of the House, Nancy Pelosi. The American House of Representatives recently passed a cryptocurrency market structure bill to control the digital assets industry. The US House of Representatives has voted on inclusive cryptocurrency legislation for the first time in history.
The recent legislation is a first step towards creating a monitoring ecosystem for digital assets. The new move underlines the importance of strengthening the cryptocurrency ecosystem for consumers, taxpayers, and investors. With the implementation of new legislation, the CFTC will have more provisions of power to control cryptocurrency marketplaces and digital assets.
The new bill also features secondary market trading of digital assets, apart from provisions for anti-money laundering and stablecoins. The crypto market structure bill will be subjected to debate in the next Congress, and it is a fact that Congress’s view of cryptocurrency is constantly changing.
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The new legislation is a massive breakthrough as far as the global cryptocurrency marketplace is concerned. The link between cryptocurrency voters and the upcoming American elections is evident. The current American administration understands the potential consequences of continuing with the current situation. The FIT21 comes after both houses voted to delete an SEC accounting bulletin. Democratic support for the new resolution led to the White House’s announcement that the US President will veto the legislation. The Oval Office is keen on working with Congress to draft a regulatory mechanism for digital assets.
The bill has received harsh criticism from various quarters, including Democratic members, and the new legislation will certainly strain the CFTC’s resources significantly.According to a Democrat member of the US House, the bill does not grant the CFTC sufficient authority to monitor the crypto industry. It is expected that the new crypto policy will protect the interests of the larger cryptocurrency industry. Prominent lawmakers in the Democratic-dominated US Senate are not so interested in the bill. It reflects the viewpoint of Democrats and Republicans on burning issues like investor protection and anti-money laundering.
The new legislation is the first standalone cryptocurrency market structure bill in US history. The recent directive is an ambitious endeavor to redefine America’s digital asset-control space. People familiar with the matter predict that the US House will pass the new law with a bipartisan majority.
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The FIT21 will grant the American CFTC huge spot market dominance, apart from raising questions about the jurisdictional boundaries of the Securities and Exchange Commission. The bill sparked heated discussions both inside and outside the global crypto community, and it is a vital step in regulating the crypto industry. The new legislation will provide a fabulous impetus to blockchain innovation in the American landscape.
