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Author: Kristin Smith, CEO of the American Blockchain Association; compile: Deng Tong, Bitchain Vision
The US House of Representatives passed the 21st Century Financial Innovation and Technical Act (FIT21) is an important milestone in the digital asset industry.As the leader of the “American Blockchain Association” representing the industry’s leading trade organization, I am glad to see the two parties’ strong support for trying to formulate clear rules. These rules aim to achieve responsible innovation and protect consumers.
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For a long time, the regulatory environment of digital assets in the United States has always been a difficult and chaotic situation.Different federal agencies advocate conflicting jurisdiction over jurisdiction, causing market chaos and uncertainty.at the same time,U.S. Securities and Exchange Commission (SEC) uses this unstable situation to increase intimidation and law enforcement, threatening the survivability of cryptocurrencies in the United States.
This has led to further uncertainty, expensive legal lawsuits, and the risk of the United States behind other regions such as the cultivation of vibrant local cryptocurrencies.
The status quo of cryptocurrency supervision in the United States is not suitable for anyone at all——The companies that are not suitable for developing innovative products and services, not suitable for investors, and of course not suitable for consumers.It’s time for Congress to intervene, and regaining its position as an engineering engine as an economic policy, and drafting a modern, suitable regulatory framework.
Although the legislation should be further improved when submitting the Senate, FIT21 represents a significant step in the correct direction.It recognizes the basic commitments of cryptocurrency and blockchain technology, and strives to promote innovation while protecting consumers.The legislative method of this key priority matters is exactly what our industry has always been advocated.This is also the request of consumers.
We praise the legislative efforts of the House of Financial Services President Patrick McHenu (North Carolina Republicans) and the chairman of the House Agricultural Committee Galen Thompson (Pennsylvania Republicans).They have invested for several months and continuously contact those related to the industry’s interests (including members of the Blockchain Association) to understand key issues and try to establish the correct framework.
Although FIT21 is not perfect -no bill is perfect -we will continue to advocate fruitful changes.Today’s voting represents undeniable progress on the road to the reasonable policy environment, which brings transparency to digital assets in the United States.After experiencing difficulties in 2022, it is gratifying that seeing the key technologies of the candidate leaders support this, more and more Americans want the government to support or at least not hinder this technology.
The House of Representatives voted to reiterate the continuous political momentum of cryptocurrencies. Previously, the two parties of Congress recently abolished the positive progress of SAB121 (misleading and illegal accounting guidelines of the US Securities and Exchange Commission).A recent public opinion survey shows that more and more factions in American voters want to choose a politician who understands cryptocurrencies and is willing to respect and support the development of the technology in the United States.
Cryptocurrencies may become a hot issue in the upcoming presidential campaign. Former President Trump recently accepted this technology and clearly required support.
As FIT21 enters the Senate, the Blockchain Association and our members will continue to participate in constructive, advocate wise policies, and promote responsible innovation. The most important thing is to protect consumers.We have a sincere gratitude to the leaders of the House of Representatives at the time of leaders -we look forward to maintaining the extraordinary political momentum of cryptocurrencies in the next few months.
