A group of industry leaders in the cryptocurrency landscape under the alliance of the Crypto Council for Innovation (CCI) has shown support for Financial Innovation and Technology for the 21st Century Act (FIT21). The organization which consists of top crypto firms like Circle, Coinbase, DapperLabs, and OpenSea among many others made its stance known on Friday via a post on its official page on X (formerly Twitter).
In the post, the CCI emphasized how FIT21 will help address the regulatory uncertainty in the U.S. concerning the crypto market. The group, in its statement, regarded the Act as a comprehensive framework that will define the role of the United States Securities and Exchange Commission and the Commodity Futures Trading Commission in regulating cryptocurrency.
Furthermore, the group established the bill as the roadmap to a digital financial future. According to the group, the cryptocurrency industry for a long period has been yearning for regulations to “responsibly innovate and allow Americans to enjoy safe and secure access to digital assets.” Consequently, the FIT21 is an answer to the demands of the virtual asset market participants as it will provide a “comprehensive federal regulatory framework for digital assets.”
How the FIT21 Bill Will Encourage Consumer Protection and Facilitate Innovation
More so, the group decried how the absence of a regulatory framework has compelled crypto firms to comply with the 100-year-old securities law in the U.S. The CCI argued that the forceful compliance has undermined the special attributes of virtual assets and the technological advances in the world today.
The CCI went on to register its faith in the FIT21 to ensure consumer protection and facilitate innovation in the industry. Similarly, the group stated that the bill contains crucial consumer protection measures like segregation and preservation of consumer funds and mitigating conflicts of interest.
Likewise, the crypto group revealed that the bill has all that it needs to support the U.S. in maintaining its leadership in the virtual assets landscape. The CCI added that the United States is way behind the European Union, United Kingdom, Singapore, Japan, South Korea, the UAE, Brazil, and Australia in terms of cryptocurrency regulation.
Lastly, the organization indicated that the FIT21 will help prevent American innovation from going offshore. Meanwhile, cryptocurrency enthusiasts are optimistic that the bill will be passed into law, finally putting an end to the regulatory confusion about virtual assets in the United States.
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