US crypto regulation has recorded significant progress as digital assets became a political and contentious issue ahead of the US elections.) on 16th May, more progress on crypto regulation has been made this week.
. Despite President Joe Biden’s opposition to the FIT21 crypto bill, it passed with bipartisan support.The FIT21 bill aims to establish a regulatory framework for digital assets in the US. Notably, the bill seeks to offer the bulk of the crypto oversight to CTFC , an entity viewed as less hostile to the industry compared to the SEC.
Interestingly, the update also prompted the White House’s reaction. The administration registered its opposition to the FIT21 Act but maintained its willingness to work for a ‘balanced’ regulatory framework for digital assets.“What are the odds that this is just lip service? I guess time will tell” , this week. The bill seeks to bar the Federal Reserve from issuing CBDC , also known as a digital dollar, or using it as a monetary policy tool.that the US CBDC pushed by the Fed would threaten Americans’ privacy.
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