David Vance

Challenge

Coin

<ul class="news-points">
 <li>Maxine Waters and David Scott have opposed the FIT21 crypto bill.</li>
 <li>The lawmakers emailed their colleagues to explain their reason for opposing the bill.</li>
 <li>They believe FIT21 will shield crypto entities from‌ securities laws, rules, and regulations.</li>
</ul>
Two senior House Democrats, Representatives Maxine Waters and David Scott, have voiced opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21). In emails to fellow Democrats, they expressed concerns that the bill could disrupt existing regulations and weaken investor protections. However, a <a href="https://www.politico.com/f/?id=0000018f-97ef-d048-a5cf-9fffe2f80000" target="_blank" rel="noopener noreferrer nofollow">report</a> by Politico noted they did not whip their members against the bill.
The FIT21 Act aims to establish a regulatory framework for digital assets by clarifying how these assets are classified and overseen. It proposes expanding the authority of the Commodity Futures Trading Commission (CFTC) in regulating certain digital assets.
However, Reps. Waters and Scott argue that the bill undermines established legal principles and creates uncertainty within the traditional securities market. A portion of their email states:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “This language undermines decades of legal precedent and case law, creatin…
</blockquote>
The post <a href="https://coinedition.com/house-democrats-challenge-bill-on-digital-asset-regulation/" rel="noopener noreferrer nofollow">House Democrats Challenge Bill on Digital Asset Regulation</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

House Democrats Challenge Bill on Digital Asset Regulation

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