#DigitalAssetBill # **U.S. Federal Legislation: FIT21 Act**

1. **Overview**: The *Financial Innovation and Technology for the 21st Century Act (FIT21)* aims to clarify digital asset regulation by dividing oversight between the **SEC** (for "restricted digital assets," akin to securities) and the **CFTC** (for "digital commodities").

2. **Progress**: Passed by the House in May 2024, it awaits Senate action. The Trump administration supports it, with efforts to refine the bill for potential enactment in 2025.

3. **Key Provisions**:

- Creates a pathway for reclassifying assets from SEC to CFTC jurisdiction as they decentralize.

- Excludes DeFi from SEC/CFTC oversight but mandates studies on risks and tokenization.

- Requires registration for trading platforms and brokers under respective agencies.

4. **Recent Updates**: A revised draft, 90% similar to FIT21, is expected by **May 6, 2025**, from House Republican committees.

### **White House Executive Actions**

- **Executive Order (Jan 2025)**: Revoked prior crypto policies, banned CBDCs, and established a **Working Group on Digital Asset Markets** to propose a federal framework within 180 days.

- **Strategic Bitcoin Reserve (Mar 2025)**: Ordered the creation of a national Bitcoin reserve using forfeited assets, signaling a pro-crypto stance.

### **State-Level Moves**

- **North Carolina**: Passed a bill allowing state funds to invest up to **5% in digital assets** (down from an initial 10% proposal).

### **Global Developments**

- **Nigeria**: Classified Bitcoin and digital assets as **securities** under its 2025 Investment and Securities Act, granting regulatory power to its SEC.

- **Pakistan**: Proposed a bill to regulate virtual assets and launch a **Digital Rupee**, with AML/CTF compliance requirements.