The FIT-21 Bill Will Prove Critical For Crypto’s Future

Krutika Adani

CFTC To Govern Decentralized Crypto

Any crypto where no one controls more than 20% of the token supply has been categorized as a decentralized crypto and will be governed by the CFTC.

SEC To Govern Centralized Crypto

Any crypto where a person controls a supply of 20% or more, will be termed as a centralized crypto and will be governed by the SEC.

Joint Control Over Exchanges

The act supports joint governance over crypto exchanges because they facilitate the trades of both centralized and decentralized cryptos.

Bipartisan Bill

The FIT-21 Act was brought by a bipartisan mandate and has been supported by both Democrats and Republicans in the House.

Critical In Approval Of More ETFs

With the CFTC’s governance, big cryptos get categorized similarly to commodities, and hence, their ETFs might get easily approved.L