- Fit21 focuses on reducing the domination of large cryptography companies and growing participation in the wider market.
- This complete framework for cryptography regulation is necessary to advance innovation in the United States.
THE House Republicans introduced a new discussion project on the structure of the digital asset market on May 5. The project focuses on reducing the domination of large cryptographic companies and growing participation in the wider market, according to a paradigm manager.
Glenn Thompson and French Hill, the Chamber's Agricultural and Financial Services Committee, led the discussion project. And, the vice-president of regulatory affairs, Justin Slaughter, described it as financial innovation and technology for the law of the 21st century (Fit21).
According to the project, anyone with more than 1% of a digital goods issued by the project and less than 5% in the Fit21 bill will be called a affiliated person. Managers mention that this initiative can reduce the influence of large cryptographic companies and cause increased participation in the cryptography market.
Fit21 to abolish cryptographic monopolies
THE draft Also mentions that a mature blockchain system, as well as its associated digital goods, are not under the common control of any person or group. The main authority will be the Securities and Exchange Commission to regulate activity on the crypto-network until they become properly decentralized.
A financial bargaining protocol is something that allows users to engage in a financial transaction in a self-diairized manner. Protocols meeting these criteria do not need to register as brokers or digital product dealers.
The project calls for the assets of the digital products investment contract to differentiate their treatment from actions and other traditional assets in accordance with the Howey test. Cryptographic companies will also obtain a means of generating funds under the supervision of the SEC.
They will also have a clean and clear process to record their digital products with the Commodity Futures Trading Commission. The CFTC will be responsible for joint regulations, procedures or directives associated with the cancellation of cryptographic assets.
This complete cryptography regulation framework is necessary to advance innovation in the United States, mainly by modernizing the financial infrastructure of the United States and by strengthening the domination of the US dollar.
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