Krutika Adani
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.
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.
The act supports joint governance over crypto exchanges because they facilitate the trades of both centralized and decentralized cryptos.
The FIT-21 Act was brought by a bipartisan mandate and has been supported by both Democrats and Republicans in the House.
With the CFTC’s governance, big cryptos get categorized similarly to commodities, and hence, their ETFs might get easily approved.L