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Next week, the House of Representatives will vote on FIT21, one of the most important pieces of crypto legislation to date. You can help! More below.
Why is it important?
- Consumer Protection and Compliance Clarity: The legislation ensures digital asset owners are protected by robust requirements for transparency, disclosure, segregation of funds and entities, and asset protection. It also provides clear rules and tools for innovators and builders to comply.
- Comprehensive Regulatory Framework: It establishes registration and market rules for crypto companies, giving the CFTC authority to oversee spot markets for digital asset commodities and modernizing SEC authority to regulate digital asset trading platforms. This creates a consistent framework for consumer protection and vigorous enforcement against bad actors.
- Preventing Brain Drain: FIT21 looks to keep America competitive in the industry. It addresses the risk of the U.S. losing 4M blockchain developer and non-technical jobs and helps the U.S. compete with G20 countries like the United Kingdom, Australia, and Singapore, which are currently ahead in crypto regulations.
- Bipartisan Support and National Security: The bill also has strong bipartisan support and underscores the importance of maintaining industry leadership for national security and global economic strength.
What can you do?
Call and/or email your congressperson today — a process made quick and simple by Stand With Crypto. Click here to find your representative, contact them, and ask them to vote YES on the FIT21 Act.
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