The future of crypto regulation: What is FIT 21?
The future of crypto regulation: What is FIT 21? FIT 21, a legislative plan to clarify the role of different regulatory agencies in the oversight of crypto industry, may have a difficult path to passage, but is details are worth considering Far from its early fringe existence, cryptocurrencies have grown to be a strong presence in American political and financial life, with approximately 40% of American adults holding some form of cryptocurrency . Indeed, recent reporting noted that cryptocurrency companies accounted for almost half of all corporate donations during the 2024 presidential election thus far. Not surprisingly, legislators in Washington are taking note. On May 22, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT 21) as a major step towards productive regulation of the crypto industry. Understanding the contours of F...