" might be accepted by the end of this month. Its full title is the Financial Innovation and Technology for the 21st Century Act, and it might makeBy the end of this month, the House of Representatives will vote on a major bill — one that is crucial for the crypto industry. Known as the Financial Innovation and Technology for the 21st Century Act , this bill could significantly clarify crypto regulations in the U.S.
According to the bill, the CFTC would regulate a digital asset as a commodity if the blockchain or digital ledger on which it runs is functional and. Conversely, the SEC would regulate a digital asset as a security if its associated blockchain is functional but not decentralized.
Despite being around for over a decade, the crypto industry has lacked a proper regulatory framework in the United States. The current regulatory environment is quite unclear, creating challenges for innovation and development of the industry. For example, legitimate entrepreneurs and start-ups have been subject to"regulation-by-enforcement," which hurts innovation and economic growth for the sector in the U.S., causing migration of crypto-related companies into other jurisdictions.
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