Coinbase CEO positively assessed the adoption of the FIT21 bill by the US House of Representatives
The bill limits the SEC’s authority to regulate the industry by sharing it with the CFTC
23.05.2024 - 09:30
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What’s new? Crypto exchange Coinbase CEO has commented on the approval of the Financial Innovation and Technology for the 21st Century (FIT21) bill by the US House of Representatives. It aims to split the authority to regulate the crypto sector between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
What else is known? Armstrong called the bill’s adoption by the lower house of Congress a “historic vote” and added that the document would “finally start to create some clear rules to regulate crypto (if it becomes law).”
“Americans want to know their representatives are protecting their rights to use crypto, creating clear rules to protect consumers, and won’t let the lack of clarity be weaponized by a few activists in the administration trying to unlawfully kill an industry,” the exchange CEO said.
FIT21 gives the CFTC exclusive regulatory authority over cash or spot markets for digital commodities, establishes requirements for primary and secondary market transactions, and clearly limits the SEC’s jurisdiction.
The document also establishes the concept of decentralization and defines that the CFTC regulates decentralized cryptocurrencies as commodities. If an asset is centralized, it is regulated by the SEC as a security.
SEC calls Coinbase’s demand for new crypto-regulatory rules unreasonable
The demand was filed as part of a lawsuit filed by the commission
Coinbase has been trying to get the SEC to clarify its crypto regulation rules since 2022, including through the courts. The SEC already sued Coinbase in June 2023, accusing it of violating the Securities Act by listing several coins that the regulator categorizes as securities.
Earlier this month, as part of the proceedings, the SEC called Coinbase’s demand for new crypto regulations unreasonable.
SEC chair Gary Gensler criticized the passage of FIT21, saying the law would create new regulatory gaps and put investors and capital markets at high risk.
In turn, the administration of President Joe Biden said it would not veto the bill despite its opposition to it.
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