CFTC Commissioner: FIT21 Act Implementation May Take a Long Time
CFTC Commissioner Summer Mersinger stated at the 2024 Consensus Conference that the implementation of the Financial Innovation and Technology Act of the 21st Century (FIT21) may require several months or even years of coordination time and involve multiple regulatory agencies in the United States. The bill has passed the House of Representatives and is facing challenges in the Senate, with the aim of clarifying the regulatory responsibilities of the SEC and CFTC regarding digital assets. SEC Commissioner Hester Pierce pointed out that Congress' interest in cryptocurrency legislation stems from dissatisfaction with the SEC's regulatory approach. The Biden administration is concerned about the regulatory gaps that this bill may cause.
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