Coinbase cites FIT21 in new effort to appeal case against SEC

The largest U.S. cryptocurrency exchange, Coinbase, recently cited U.S. lawmakers’ vote on FIT21, formally known as the Financial Technology and Innovation for the 21st Century Act, in a new effort to appeal the case against the Securities and Exchange Commission (SEC). ).

In a second effort in this regard, Coinbase filed a motion on May 24 seeking to appeal the court ruling in its case against the US SEC, highlighting recent important developments for the cryptocurrency industry in the US Congress.

As emphasized in a recent final summary in which it requested the filing of an appeal, Coinbase highlighted that there is a division related to how American legislators and the SEC view jurisdiction for the cryptocurrency industry.

“Meanwhile, lawmakers’ disagreement with the SEC’s position has deepened: Just this week, the U.S. House of Representatives passed, on a bipartisan basis, sweeping digital asset legislation that would deny the SEC the expansive jurisdiction it claims.” , highlighted the exchange.

It is worth remembering that Gary Gensler, chairman of the SEC, recently raised concerns about the FIT21 Law, highlighting possible regulatory gaps and risks for investors and markets. While the Biden administration opposes the bill’s approval, the White House did not plan to veto it, showing a divergence in the US government over the regulation of cryptocurrencies in the United States. On May 22, the Chamber voted 279 to 136 to approve FIT21.

FIT21 Project

The Fit21 bill, formally known as the Financial Technology and Innovation Law for the 21st Century, proposes to profoundly change the current regulatory regime for digital assets, which could facilitate their integration or impose barriers to their development. The cryptocurrency industry has shown strong support for Fit21, seen as crucial to the sustainability and expansion of the digital asset market in the country.

Currently, oversight of digital currencies in the US is shared between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Fit21 suggests consolidating this oversight under the CFTC, establishing a clearer set of rules for the industry. This project not only provides clear guidelines for the industry, but also includes consumer protection measures and specific protocols for managing assets in cases of bankruptcy.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.