Coinbase CEO Hails Passage of Historic Crypto Regulation Bill in House

IconCryptoNewsTerminal Staff23 May, 2024

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Coinbase CEO Hails Passage of Historic Crypto Regulation Bill in House

In a landmark move, the Financial Innovation and Technology Act of the 21st Century (FIT 21 Act) has passed the House of Representatives. Coinbase CEO Brian Armstrong hailed the development as "a historic day" for crypto, highlighting its potential to bring regulatory clarity and protect investors. Armstrong emphasized the significance of establishing clear rules for the crypto industry, assuring Americans that their investments will be safeguarded. He further noted that the legislation would curb attempts by certain politicians to stifle the growth of crypto through regulatory uncertainty. The FIT 21 Act entrusts the Commodity Futures Trading Commission (CFTC) with the responsibility of overseeing the cryptocurrency market. Notably, the bill classifies 70% of crypto assets as commodities, aligning with the views of industry experts who believe that this categorization best fits their characteristics.

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