The United States recently passed an important law known as the "Crypto-Friendly Act", formally known as FIT21, and its passage has attracted widespread attention and discussion. The core of this bill is to redefine which digital assets are securities and which are not, which will have a significant impact on the cryptocurrency market.
According to the provisions of the FIT21 Act, decentralized blockchain technology is considered a commodity and is regulated by the Commodity Futures Trading Commission (CFTC). The standard for this decentralized definition is that no issuer or associated person controls more than 20% of digital assets or their voting rights. This provision clarifies the regulatory boundaries of crypto assets and provides a clearer legal environment for the crypto market.
It is worth noting that Nancy Pelosi, known as the real "stock god" of the US stock market, also supported the bill, and US President Biden did not express opposition, which shows the government's open attitude towards the crypto industry. Although the SEC (US Securities and Exchange Commission) was cautious about crypto assets before, after the bill was passed, SEC Chairman Gary Gensler seemed to have no more choices and had to accept the status quo, and even released the Ethereum spot ETF.
With the implementation of the bill, it is expected to trigger a new wave of coin issuance. Many companies will be able to issue their own digital currencies within a legal and compliant framework, without having to worry about the SEC's pursuit. In addition, in order to maintain the essence of decentralization and ensure that any single entity's control is less than 20%, airdrops may become a common way to issue coins, and the act of participating in airdrops to obtain digital assets may also become a long-term and stable industry.
However, there is also a noteworthy side. One of the promoters of this bill was once a very active person in the currency circle. He actively lobbied for this bill in Washington, but unfortunately, he has now been sentenced for other reasons and is preparing for an appeal in prison. This reminds us that although the bill has brought positive effects to the cryptocurrency market, every participant in this industry needs to act with caution and comply with laws and regulations.
