$BTC

Split jurisdiction** between the SEC (for "restricted digital assets" like securities) and the CFTC (for "digital commodities" like Bitcoin and Ethereum) .

- Create a **third category** for "permitted payment stablecoins" subject to SEC/CFTC oversight .

- Exclude DeFi from SEC/CFTC jurisdiction and establish a process for decentralized system classification .

- Require **joint rulemaking** by the SEC and CFTC to harmonize policies and reduce duplication .

FIT21 has bipartisan support and is prioritized by the Trump administration, with Senate Banking Committee Chair Tim Scott aiming for passage within the first 100 days of 2025 .

#### **STABLE Act: Focus on Payment Stablecoins**

The **Stablecoin Transparency and Accountability for Legal Entities (STABLE) Act** advanced by the House Financial Services Committee seeks to:

- Regulate stablecoin issuers under federal oversight, ensuring transparency and dollar-backing .

- Align with FIT21’s framework to create a unified approach for stablecoins .