Good explainer from #TheAtlantic about the coming end to all financial regulation in the US via #crypto.

> "If #Congress passes #FIT21 it would invent a novel asset class called 'digital commodities' - in essence, any financial asset managed on a blockchain. Digital commodities would be exempted from #SEC oversight. In the FIT21 bill any firm or person can self-certify a financial product as a digital commodity. The SEC would have only 60 days to object. This is a loophole big enough to fit an investment bank through"

> "Wall St is talking up "tokenization" meaning putting assets on a digital ledger. The putative justification is capital efficiency. [The real] justification is regulatory arbitrage: Investments on a blockchain would move out of the SEC’s purview & be subject to fewer disclosure, reporting, consumer protection, [#moneylaundering etc. rules]"

https://archive.ph/iD2vy#selection-1119.0-1143.508

#uspol #Uspolitics #Trump #finance #banks #markets #corruption #cryptocurrency #economics #CFTC #finreg

Attention-Worthy Links for December 1st, 2024

https://bit.ly/awl1201024

#Internet Archive #preservation #universal access #X-59 #delta-style wingspan #conformal #cryptocurrency #FIT21 #Bitcoin Act of 2024 #$100K Bitcoin #freeze-out #freeze-in #Internet #misinformation #curated #paywalls #ARPA-E #lithium #cobalt #ammonia #OpenWrt One #copyleft #802.11ah #T-Halow #Dragon Bridge #two kilometers #Kara-Murza #Siberian penal colony #FSB #appeasement #energy #minerals #food #inadequate #pandemic

Why Senator Lummis Believes Bitcoin is America`s Economic Savior
🔵Senator Cynthia Lummis emphasizes the growing importance of Bitcoin and cryptocurrencies for the US monetary device and highlights brand new pro-crypto regulations.

🔵 Lummis and exclusive lawmakers are actively educating the Senate on digital assets, main to first-rate legislative steps much like the #FIT21 crypto bill.

#Bitcoin Whales Accumulate $1.4 Billion $BTC as US Congress Passes #FIT21 Bill

https://coinpedia.org/news/bitcoin-whales-accumulate-1-4-billion-btc-as-us-congress-passes-fit21-bill/

How Will the #FIT21 Act Impact #CryptocurrencyMarkets?

Will the FIT21 Act Bring Clarity to Digital Asset #Regulation in the United States?

#Crypto #CryptoNews
https://coinpedian.substack.com/p/fit21-act-passes-house-a-milestone

House to vote on #FIT21 Act supported by major #crypto firms, crucial for U.S. regulatory clarity.

Sixty #cryptocurrency organizations endorse FIT21 bill, urging House to pass for modernizing regulations, protecting consumers. #CryptoNews
https://coinpedia.org/news/us-crypto-market-awaits-as-fit21-bill-prepares-for-final-vote-next-week-what-to-expect/

The U.S. House is gearing up to vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act (H.R. 4763), a bill that aims to provide regulatory clarity for digital assets.

#USHouse #Cryptobill #FIT21 #theafricancrypto

https://theafricancrypto.com/us-to-vote-on-fit21-act/