Crypto Industry Urges U.S. House to Pass Financial Innovation and Technology Act for Regulation

The Crypto Council for Innovation, a coalition of digital assets organizations and companies, including Coinbase and Kraken, has written a letter to the Speaker of the House and Minority Leader advocating for the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21). The bill would set the Commodity Futures Trading Commission (CFTC) as the leading regulator of digital assets and establish clear divisions for what the CFTC and the Securities and Exchange Commission (SEC) would handle. The letter argues that passing the legislation would accelerate the growth of Blockchain technology and digital assets, fostering financial inclusion and protecting national security. The House of Representatives is expected to vote on the bill next week.