US House Committee Advocates for FIT21 Act, Alignment with Mark Cuban's Critique of SEC
US House Committee Believes FIT21 Act Will Solve Crypto Regulatory Issues
This weekend, Cubans took to social media to express concerns about how the SEC's stance against cryptocurrencies might affect President Joe Biden's reelection bid. Cuban continued his criticism of the financial regulator in a May 11 social media post, saying the commission and its chair, Gary Gensler, were 'trying to destroy the crypto industry.'
- The crypto industry wants a way to register and comply.
- It wants a way to keep the speculative noise out.
- Instead the SEC makes it so expensive, time-consuming and difficult for those who want to comply, that the junk tokens are side by side with real companies and investors have no way to know what is garbage and what is real.
US House Committee Acknowledges the Need for Regulatory Clarity
In response to Cuban's concerns, the US House Financial Committee noted that the SEC's current approach hampers the industry's ability to comply. Therefore, the Committee is advocating for the FIT21 Act to provide clarity and consumer protections, enabling the US digital asset ecosystem to flourish.
- The legislation would provide much-needed clarity and consumer protections.
- It aims to define responsibilities for the CFTC and SEC clearly.
- The CFTC will oversee crypto commodities, and the SEC's regulatory responsibilities concerning cryptocurrencies will be clarified.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.