Landmark crypto legislation defines SEC, CFTC jurisdiction on digital assets, commodities | Headlines | News | CoinMarketCap
07/27/2023 17:00
In a significant move for the digital asset ecosystem, the House Financial Services Committee passed the ‘FIT for the 21st Century Act,’ officially …
Landmark crypto legislation defines SEC, CFTC jurisdiction on digital assets, commodities
CryptoSlate8 minutes ago
SEC
Published on July 27, 2023 09:53 GMT+00:00edited on July 27, 2023 09:59 GMT+00:00
In a significant move for the digital asset ecosystem, the House Financial Services Committee passed the ‘FIT for the 21st Century Act,’ officially titled the “Financial Innovation and Technology for the 21st Century Act” on July 26.
Quick Take
- The bill, sponsored by Rep. French Hill, sets up rules for issuing and trading digital assets.
- Supervised by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
- Defines a digital asset as a digital representation of value that can be transferred without an intermediary and is recorded on a secure public system.
- Defines a digital commodity as a digital asset owned by an individual, not the issuer, after the related blockchain system is fully functional, decentralized, or acquired via a …