The passage of the Financial Innovation and Technology for the 21st Century Act by the U.S. House of Representatives is a major milestone for the digital asset industry. As head of the Blockchain Association, the leading trade group representing this sector, I’m heartened to see such strong bipartisan support for attempting to codify clear rules that aim to enable responsible innovation while protecting consumers.
This has led to further uncertainty, expensive legal battles and the risk of the U.S. falling behind other regions such as the European Union in fostering a vibrant, homegrown crypto landscape. While the legislation should be further refined as it moves to the Senate, FIT21 represents a notable step in the right direction. It acknowledges the fundamental promise of crypto and blockchain technology and endeavors to promote innovation while protecting consumers. This legislative approach of balancing those key priorities is exactly what our industry has been advocating. It’s also what consumers are demanding.
The House vote reaffirms crypto's growing political momentum, following positive developments such as the recent bipartisan congressional repeal of SAB121, the SEC's misguided and illegal accounting guidance. Ashows large and growing factions of the American electorate want to elect politicians that understand crypto and are willing to respect and support the technology's growth in the U.S.
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