Crypto Council for Innovation Urges House to Pass Digital Commodity Exchange Act
CryptoNewsTerminal Staff17 May, 2024
Crypto Council for Innovation Urges House to Pass Digital Commodity Exchange Act
The Crypto Council for Innovation (CCI) has urged members of the U.S. House of Representatives to support the "Financial Innovation Technology Act of the 21st Century" (FIT21), also known as the "Digital Commodity Exchange Act." In a letter sent to House members, the CCI, which has about 50 members including Coinbase, Kraken, Andreessen Horowitz, and Digital Currency Group, expressed its support for the bill, which is set to be voted on next week. The CCI believes that the FIT21 would provide much needed clarity and certainty for the digital asset industry, and would help to foster innovation and growth in the sector. The bill would create a new regulatory framework for digital commodities, providing a more tailored approach to the supervision of these assets than is currently provided under existing securities laws. The CCI's support for the FIT21 is a significant development, as the council represents a broad cross-section of the digital asset industry. The bill's passage would be a major step forward for the industry, and would help to establish the United States as a leader in the development of the digital asset ecosystem.
