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60 crypto organizations have announced their support for the Republican Party-led “Financial Innovation and Technology Act for the 21st Century”(FIT21), which will be voted on next week.
In addition to crypto exchanges Gemini, Kraken and Coinbase, companies such as Andreessen Horowitz and Digital Currency Group were among those who supported this bill.
Content of the Support Letter and Draft Law
In a letter initiated by the Crypto Innovation Council and sent to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries on Thursday, supporting companies urged House members to pass the bill. FIT21 will bring “new compliance challenges” for crypto firms, but the need for clear rules was emphasized.
“Currently, digital asset firms are instructed to somehow comply with U.S. securities laws that were designed nearly 100 years ago and created without consideration for today’s technological advances, laws that have not been updated to cover transactions moving at internet speed,” the letter said.
What Changes Does the FIT21 Law Bring?
The Republican Party-led FIT21 is taking a comprehensive approach to regulating crypto in general, shifting more responsibility to the Commodity Futures Trading Commission (CFTC).
“As we all know, no law is perfect. This law creates a comprehensive federal regulatory framework that has been missing,” Ji Kim, head of global policy at the Crypto Innovation Council (CCI), said in an emailed statement. “We look forward to working with policymakers to advance the industry in a way that best protects consumers and ensures innovation stays in the United States.”
Supporting Companies
In addition to crypto exchanges such as Gemini, Kraken and Coinbase, companies such as Andreessen Horowitz and Digital Currency Group also signed the letter.
This support demonstrates crypto firms’ long-awaited demands for clear regulatory frameworks and the industry’s desire to continue innovation in the US. Next week’s vote could be a critical juncture for the crypto industry.
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