CFTC Commissioner Mersinger: FIT21 Implementation Could Take Years

IconCryptoNewsTerminal Staff30 May, 2024

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CFTC Commissioner Mersinger: FIT21 Implementation Could Take Years

The Financial Innovation and Technology Act of 21 (FIT21) could take months or even years to implement, according to Summer Mersinger, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC). Speaking at the Consensus 2024 conference, Mersinger said that even if FIT21 were to become law tomorrow, there would be an extensive rulemaking and potential delays before implementation. "Do you think once the President signs it, that's it? That's just the beginning," Mersinger said. "It will take years to finalize the rules." Mersinger explained that should FIT21 become law, regulators such as the Securities and Exchange Commission (SEC) and the CFTC would have to write new rules, a process that involves drafting detailed regulations, taking public comment and revising them based on the feedback. "This is a complex undertaking that will take time," Mersinger said. "We want to get it right, and that means taking the time to do it carefully." The CFTC has been a vocal supporter of FIT21, which would give the agency new authority to regulate digital assets. The SEC has been more cautious, but has also said it is committed to working with the CFTC to implement FIT21.

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