In anticipation of the hearings on May 6, a bill regulating cryptocurrencies — the Financial Innovation and Technology for the 21st Century Act (FIT21) — was presented in the U.S. House of Representatives. This document could significantly change the rules of the game in the crypto market.
Key provisions of the FIT21 bill
1. Delimitation of powers between the SEC and CFTC:
Most cryptocurrencies, including Bitcoin and payment stablecoins, will be classified as commodities under the jurisdiction of the CFTC.
The SEC will retain control over securities and platforms registered with the SEC, but will not regulate the design or structure of stablecoins.
2. Decentralization certification:
Projects will be able to self-declare their decentralization, allowing them to be regulated as commodities.
The SEC will be able to challenge such claims by providing a reasoned analysis within 60 days.
3. New disclosure requirements:
Token issuers will be required to provide detailed information about their economy, development plan, risks, and project source code.
4. Registration of platforms:
Crypto exchanges and custodians will be able to register as alternative trading systems (ATS) with the SEC or as digital commodity exchanges with the CFTC.
Such platforms will be required to comply with asset protection requirements for clients and prevent market manipulation.
Potential impact on the crypto market
Positive aspects:
Regulatory clarity: A clear delineation of powers between the SEC and CFTC will eliminate the uncertainty that has hindered industry development.
Support for innovation: Considering innovations in the development of new SEC rules may stimulate the development of new projects.
Transparency: Disclosure requirements will increase investor trust and reduce fraud risks.
Possible risks:
Conflicts of interest: The involvement of the Trump family in cryptocurrency projects, such as World Liberty Financial, raises concerns about potential influence on the legislative process.
Politicization of the issue: Disagreements between parties may complicate the passage and implementation of the law.
Risks for investors: The process of self-certification of decentralization may be exploited by unscrupulous projects to circumvent strict regulation.
Withdrawal
The FIT21 bill represents an attempt to establish balanced regulation of cryptocurrencies in the U.S., combining investor protection with support for innovation. Its successful passage and implementation could strengthen the U.S. position as a leader in digital assets. However, political disagreements and potential conflicts of interest may complicate this process.
If the bill is passed, it could be an important step towards creating a clear and predictable regulatory environment for cryptocurrencies, which in turn would promote their wider adoption and development.
