In January, the U.S. House of Representatives passed a bill regulating cryptocurrencies, taking an important step towards the passage of the “CBDC National Surveillance Act” and the “21st Century Financial Innovation and Technology Act” (FIT21 Act).
In particular, the FIT21 Act received positive feedback from several unnamed legislators who believe it will change the situation and protect the entire cryptocurrency market.
The approval by the House is just the beginning. Many market observers point out that the division in the U.S. Senate is a major obstacle to the passage of the bill.
Coinbase founder and CEO Brian Armstrong recently explained in a report that there are signs that the situation may be changing. He stated: “In the past 48 hours, I have met with over a dozen Democratic senators in Washington to discuss establishing clear rules for the cryptocurrency industry and protecting consumers.” He expressed hope that the FIT21 Act would pass in the Senate.
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Europe is now ready to introduce regulations for the cryptocurrency market
The FIT21 Act will serve as a vehicle for the digital asset regulatory framework, with many assets potentially regulated by the Commodity Futures Trading Commission (CFTC).
The Act has not received support from everyone and has instead sparked complaints from the crypto community. Critics point out that certain terms in the law are not suitable for the DeFi sector.
On the other hand, some believe that the law will not impact the DeFi sector. Uniswap CEO and founder Hayden Adams is very pleased, stating: “For U.S. legislative institutions to make this distinction and understand the need for thoughtful consideration and special treatment is a big deal and a clear step forward for the country. This is evidence…”
Adams notes that the government’s approach of familiarizing itself with DeFi before introducing regulatory systems is similar to the EU’s implementation of MiCA regulation. It is also organized for “reporting, discussion, and voting,” which is the EU’s approach.
