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Patrick McHenry Takes Over as Interm House Speaker
Crypto on the Hill: Briefing with Brain Armstrong, Melissa Strait, Faryar Shirzad, and Paul Grewal
[US] #STANDWITHCRYPTO day of legislative action, take two minutes to tell your elected reps that crypto is important to you!
The FIT Act Is the Most Comprehensive Crypto Regulation Ever Voted on by Congress
The Bipartisan Financial Innovation and Technology for the 21st Century Act (FIT Act) Is Landmark Crypto Regulation
UPDATE On Todays Crypto Bills in the House
Myth vs. Facts: FIT for the 21st Century Act
Bware Labs Weekly Update - Exciting News!
Algorand Foundation partners with Politecnico di Milano(largest technical university in Italy) and the University of Stirling to support Emergency Finance project on programmable money.
HealthFi - Web3 fitness application - Exercise to Earn with all sport models, Launching now on BSC!
HealthFi - Web3 fitness application - Exercise to Earn with all sport models, Launching now on BSC!
HealthFi - Web3 fitness application - Exercise to Earn with all sport models, now available on TestFlight, fairlaunching on PinkSale
RUN: Reward Hunters | $RWH, bsc | Move2Earn | dApp Available | NFT Sneaker Showcase | Launch on Today, 21:00 pm UTC
FitScrypt the next big Move2Earn has officially released their app on the Apple AppStore, next Stepn, low MC already up 65% after the news
$FIT - Fight For Fitness - Huge Utility, Many Influencers & Athletes on-boarded, Zach Boychuk Hockey Player calls, 130K Market cap, Locked Liquidity, Huge marketing coming , merchandise designed!
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0.5USD if they dont fix about the FIT21 that is about to be approved. The FIT21 has a new test called the "Decentralization Test": To not be a security, a token must meet certain decentralization criteria. The token is likely a security if any of these apply: A single company or developer controls or funds the project. The token depends on that company’s ongoing efforts for value. A majority of the token supply is held or controlled by insiders. There’s no independent governance or voting by token holders. If it fails the decentralization test, then it's a security under the law. Ripple is bad with all of them. The real reason behind the SEC dismiss still running and opening the time frames and moving forward, as well the expected súper pump that everyone is waiting for and is not coming, is because XRP can't say victory if they dont change before the bill is law. I'm not a hater, just search for the FIT21 is all online and check if Ripple can reach any of those tests.
Thanks for sharing. What does your research tell you about the USA signing digital asset regulations soon? (GENIUS, Stablecoin, FIT21, IRS DeFi Broker Rule, various State level crypto asset reserves, etc.?).
I keep seeing this bloody band being posted. IT DOESN'T FIT. LOOK! The 2014 peak is way over, the 2018 peak is spot on, and the 2021 peak is way under. What does that tell you? The band needs to be wider at the start and narrow/taper down as it goes. If you do that you'll see the red zone should be in the current 150k Still cheap - 208k HODL range.
The strategic reserve obviously helps. 1. It legitimates crypto. 2. It will introduce about $80b of buying pressure (at 100k per BTC) 3. It may hold more than BTC, helping those coins too. My guess is ETH. The passing of FIT 21 would start a DeFi Renaissance. And Trump has already helped the industry by removing Gensler.
>They interviewed people from both sides, that’s what real journalism looks like. LOL... they followed up every major comment Brad Garlinghouse made with an edited explainer (e.g. ETFs, FIT21 Crypto Bill etc). They didn't follow up _any_ of the SEC spokesperson's claims about crypto ("all securities as found unanimously by judges again and again"... "has no utility"... "used by criminals for all criminal activity"... "a scourge" etc...). I mean, the first claim about legal findings is just a flat out lie... that 60 Minutes should have followed up with facts. They didn't. It's purposely misleading to let those comments slide like they did.
With Trump getting into office and putting in a pro crypto SEC chairman, Ripple and XRP are some of the ones that stand to gain the most. The Ripple case appeal will be settled out and the SEC will finally let them be. The new Republican congress will likely pass comprehensive crypto regulations like the FIT21 bill that passed the House back in May, especially with how much money crypto Super PACs have thrown at congressional and senate races. These factors both will be huge for the growth and adoption of XRP. The launch of RLUSD will also bring more liquidity to the XRPL as well. You can guarantee 3 things in life: death, taxes, and XRP staying in the top 10 coins by market cap.
Governance decentralisation, integration of smart contracts for BTC through BoS, hydra scaling for potential 1M tps, news that Hoskinson will work with US gov. on regulation and FIT21.....
Nominate Gary Gensler, SAB 121 bill veto, Nominate Christy Goldsmith Romero for both the FDIC, CFTC, threatened to veto FIT21 bill, proposed special anti-crypto taxes, etc.
The escrows always been there, I don't know why that would change anything now. It's just a silly criticism. Banks haven't used it yet because XRP and Ripple have been embroiled in a massive lawsuit with the SEC and there being no regulatory framework for institutions using digital assets in the U.S. Banks aren't going to use it while it's still the wild west. Once the legal battle is over with the SEC once the new administration comes in(whoever it is), and there are crypto regulations passed like the FIT21 bill that passed the house, then I think things are going to become very different. Brad successfully led Ripple through a legal battle with the SEC and regardless of the appeal, they fucking beat them in court. To act like he's been a bad leader is insane.
Telcoin is positioning itself as a key player in the intersection of telecom and decentralized finance (DeFi). By leveraging GSMA partnerships, Telcoin aims to build a blockchain network that connects mobile network operators globally. This is part of their broader mission to integrate with mobile money services and provide easier access to financial services via mobile devices, especially in underserved regions. Recently, Telcoin participated in the GSMA event in Kigali, Rwanda, highlighting their commitment to fintech expansion in Africa  On the regulatory front, Telcoin has been working with key figures like Rep. Mike Flood, who has played a crucial role in advancing cryptocurrency and banking legislation in the U.S. Flood’s efforts have focused on stablecoin regulation and the FIT21 framework, which could set a significant precedent for digital assets. Telcoin itself drafted crypto-banking legislation in Nebraska, which was signed into law, providing them a unique foothold in regulated crypto banking As for the upcoming bank hearing on December 5, this could be a pivotal moment for Telcoin as they seek regulatory approval for their crypto-banking initiatives. With strong support from political and industry leaders, it’s likely this hearing will further Telcoin’s objectives
MiCA 12/40/2024 for the EU. FIT21 for the USA. Just wait until the regulations arrive. These memes will likely go to zero. Bitcoin will be around but it won’t be used to evolve all industries.. That’s for the blockchain enterprises using utility blockchains. .. Just an opinion.
This is so dangerous because it would give the SEC control of both DEXs and DeFi apps. I take back what I said about FIT21 earlier this year. While FIT21 makes it so that most cryptocurrencies would be regulated by the CFTC, it still splits control of exchanges to both the CFTC and SEC. This would be chaotic for exchanges, which would then have to deal with likely-contradictory regulations from both organizations. The SEC should not have ANY control. Instead, an ideal FIT21 should establish a new government organization to handle cryptocurrencies and exchanges in **a consistent and predictable way**.
... being PROperly FIT. This much I know!
Gensler will be gone regardless and first the FIT act has to get past the Senate and then it won't matter who wins cause both will sign it. The ignorance is thinking otherwise. Also it won't matter, he's falling apart and not going to win so he won't do any such thing.
His administration would likely sign into law the FIT act that passed the house that would create a regulatory structure for crypto providing clarity for investors and developers.
He would certainly get rid of Gary Gensler and sign into law the FIT act, this is ignorant
tldr; Paul Grewal, Coinbase’s Chief Legal Officer, predicts a shift towards a 'pro-crypto' Congress in the U.S. following the 2024 elections, driven by bipartisan support for cryptocurrency. He contrasts this anticipated change with the current SEC's skeptical stance under Gary Gensler. Grewal highlights the bipartisan FIT 21 bill as a foundation for clearer crypto regulations and investor protections, suggesting a future regulatory environment focused more on legislation than litigation. He also notes Europe's pragmatic crypto regulations as a potential model for the U.S. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
I think the way things are going, the likelihood is that regulation is going to make scams more common. I'm talking specifically of the vast resources that crypto firms are allocating to influencing the US election - this has already been affecting the regulatory landscape, notably with the FIT21 bill recently passing the House. This bill will classify most cryptos as commodities - something the industry is very keen on, as the CFTC is a smaller agency than the SEC with less resources and enforcement powers, and commodities are less stringently regulated. If classified as securities, tokens would have to undergo serious oversight throughout their launch processes - which are often the times when the most malpractice is committed, such as when founders and insiders dump tokens on new buyers, when teams set valuations and liquidity parameters themselves with no audits, etc. If politicians and regulators continue to take money from Fairshake and other PACs, it's likely that existing regulation will be trimmed down or abolished, and new regulation will come into effect which perpetuates or fails to tackle crypto scams. Worldcoin is an interesting example, because the regulatory issues it's been having are essentially the opposite of what many other projects encounter. Other projects fall foul of the law by not taking privacy seriously enough - for example, by not KYC'ing investors - whereas Worldcoin is in disputes with regulators for collecting too much of peoples' data, and therefore breeching GDPR and other data-privacy laws. I don't imagine many or any other projects will have this issue.
I believe BTC will do great outside of EU and USA. Unfortunately, current legislation in EU (MiCA) basically treats BTC as a lesser asset compared to other chains. No idea what this looks like when it all goes down. Then again from my previous comments, FIT21. .. Highly recommend that everyone reviews them.
Also, how about a level playing field (regulatory clarity)? When this happens expect the top 100 to look vastly different. FIT21 is right around the corner sitting in the Senate.
Sherrod Brown is one of the most anti crypto senators, why would he be surprised by this? Sherrod says crypto is only used by criminals and terrorists and voted against FIT21
SOL would still be classified as a security under FIT21. As it does not meet the requirements to be considered "sufficiently decentralized" since , last I cehcked, the foundation holds 20% of the tokens and that is one of the key benchmarks outlined in the bill last I checked.
Because in absence of any regulation like FIT21, the SEC can enforce based on century-old outdated rules that make little sense for crypto. Their enforcing by policy is hurting the public.
So what’s your take on FIT21 potentially becoming law of the land by EOY?
SUI and Aptos are interesting blockchains. They're incredibly fast and have good UIs. Unfortunately, this sub tends to be against anything that is vaguely VC-backed or vaguely centralized just because it doesn't fit their narrow narrative on what ideal cryptocurrencies should be. To them, every cryptocurrency has to fit a specific target consumer. And regulation over the past decade has also been hostile to teams creating new blockchains. Gone are years when it was acceptable to use an ICO to fund a project, and that has really stifled development. But for projects to succeed in the early years, they need a strong team that has good financial backing. This is why I really want FIT21 to pass. It provides a legitimate path for early blockchain development to go from security to commodity even when early development and funding was centralized. Without it, innovation is being stifled.
The judge in the Ripple case actually explicitly said that XRP in of itself isn't a security, it depends on how it is packaged and sold that makes a transaction an unregistered security. That was a big loss for the SEC because it completely underminded the bogus legal theory of the token in of itself embodying an investment contract. The ruling wasn't about protecting wall st over retail investors, the ruling was a fair interpretation of the law and about which transactions violated the Howey Test or not. Following your logic, this is like saying that the orange groves themselves in the original Howey case are securities when that doesn't make sense at all and misses the point. In the Binance case, most of the suit is still on going, but I was referencing the fact that the Judge in that case ruled that sales of the BNB token on the secondary market do not constitute securities, again reinforcing that most crypto currencies are more aligned with being commodities(which could be packaged or sold like an investment contract or not). Even if the CFTC was as bad as you say, it doesn't mean we should purposefully miscategorize assets under the law. Besides let's not act like many people within the government weren't in bed with FTX. Numerous members of congress from both parties took donations from FTX, Gary Gensler met with SBF multiple times and did nothing, so many parts of the government were blindsided. If we had clear rules of the road like pieces of regulation like FIT21, that would've never happened.
Things like FIT21 for example. Also the crypto industry is fighting the SEC because many crypto tokens aren't securities, which has been spelled out in cases like SEC v Ripple and SEC v Binance. Adequate regulations starts with regulating cryptos as commodities.
The problem is the crypto market is unregulated actually. Current SEC guidelines have been vague, inadequate to protect investors, and has trampled innovation. Meanwhile something like the FIT21 bill that passes the house will provide clear rules of the road for the crypto market, while protecting investors against scams.
Okay. Call a vote for FIT21 then.
Anyone know what happened to FIT21 and why it hasn't been brought to the Senate yet? It's been 3 months since it passed in the House.
HBAR>SOL (Context: Real World Use Cases found on their official website and 63+ billion transactions on Mainnet). Solana is cute but will only be as valuable as it stays pretty. There are other chains out there with eternal beauty. Best part is that HBAR is in my top 5-10. It seems promising but price action has been terrible but wisdom says to just hold on. The real tests for blockchain will be MiCA 12/30/2024 last past IV, US FIT21 this year or next, NOV 2025 ISO 20022 update/mandate, and other things. .. Maybe the blockchains that the global sovereign world has been testing and talking about might be interesting? .. At least PayPal uses/about to use Solana’s chain for their Stablecoin.
I agree with you, I survived operation chokepoint 2.0 with you. I wrote every representative blue or red in the Senate/Congress I could all the way up to the president himself on FIT21. The government is naturally going to do this no matter who is in the seat. The difference is the wrong person will say they care and not care about the outcome or act on it. America has a history of adopting the best technologies in our free society of the people. Bitcoin has always had a leg up as it can't be stopped by anyone. Simply up to the community to grow it, that's you and I talking right now! Chokepoint not succeeding has cemented Bitcoin. It was stressed tested and has won. We already knew it couldn't be stopped, so it was kind of funny to watch them try. At least I did, having been on a computer most everyday of my life since I was 12 and I'm in my 40's now. Stress test complete. Celebrate it, don't back a wanna be dictator because his 80 year old windows 95 operating ass says Bitcoin a few times. Furthermore, dictators are the ones that end up slowing technology growth. Redditregards, I see your frustration, we both have the same forward looking excitement for crypto, I just think your aiming for the slower growth of our asset in the long run. Just my opinion. Respect your opinion, I just don't understand it. Trump doesn't care about you or I. He literally has and sits on a gold toilet. Wtf. Kings don't work out for Americans, gotta work for the people and smile while you're doing it!
I also feel that way. If people would follow crypto news and knew how many exchanges they sued, FIT21, basically trying to make crypto illegal and saying that terrorists using crypto etc. War on crypto already was happening from 2020. From here it only can get better, especially with Trump or RFK. Both are bullish for cryptoverce)
If you follow crypto news and how many exchanges they sued, FIT21, basically trying to make crypto illegal and saying that terrorists using crypto etc. Disaster and war on crypto already was happening from 2020. From here it only can get better. I'm not assuming Trump was president for 4 years and no actions against crypto was made. Trump now saying that he is pro BTC and crypto. So I'm not assuming nothing, just saying what he mentioned at BTC conference in Nashville.
Cool. But he and the employer owe federal and state taxes on that because it’s earned income. FIT & SIT, FICA (social security & Medicare), FUTA & SUI should all be calculated using the fair value of btc the day it was paid (not sure about time of day since it can vary and there is no market close price). It’s should also be reported on the W2 so if the employer did not withhold employee taxes then your friend will owe more when they file. If none of the above is happening then they need to speak with their employer on why and then report the income when they file taxes. They don’t want to get looped into tax evasion personally if the company is being shady. The only two certainties in this world are death and taxes.
If they really want to DO something, fire Gary Gensler immediately support FIT21, and have Sen. Warren stop her crusade against Bitcoin and Crypto. Otherwise, these are just more false promises and a desperate political ploy.
Chang is important, once completed the community can decide what it wants delivered next. Its probable that would be finishing scaling, at least it's a big ticket item for the community. What is essential to understand is that any claims of Cardano being a security fall away after Chang. Under FIT21 (if it were to reach law unchanged) Cardano is already one of the few projects that wouldn't be a security; Chang completely cements that status in any reasonable legislation.
Except they didn't tell multiple different firms their opinion until after sending out Well's notices and subsequently suing them. The SEC has also still not released any sort of rules on what they call "crypto security assets", and what separates them from non securities. For example, one could argue ETH has many of the same characteristics of many other tokens and schemes that the SEC has labeled as securities, yet it gets a free pass regardless. This is what I'm talking about when I say we need clear rules for the road. Developers and investors are completely flying blind, and that creates a chaotic and unsafe market in my opinion. It would be a much better idea to regulate most cryptos as commodities under the CFTC, such as is lined out in the FIT21 bill. As we've seen in the Ripple case, cryptocurrencies don't neatly fit into the securities label, nor should the SEC cripple an entire asset class just to "regulate".
FIT21 is the more Important Bill, that Trump is probably going to repeal when he gets into office..
The reality is that the courts, the Sec and the government have basically screwed the FED over with how much it's done for Bitcoin. FIT21 was such a bold move by the US goverment that I was surprised that there wasn't much backlash and it was passed by Congress. Until I realised that.... Trump 24 will probably try to veto it.
>Really? Are all the people in the sub ACN ponzi scheme merchants too? no idea wtf that is >The reality is that the courts, the Sec and the government have basically screwed the FED over with how much it's done for Bitcoin. FIT21 wasn't Vetoed it was passed by Congress. I meant SAB 121, you don't even have to click it, you can tell what happened just by reading the link itself. https://www.coindesk.com/policy/2024/07/11/us-house-fails-to-override-bidens-sec-veto-of-bill-that-would-end-controversial-sec-guidance/ >Trump 24 will probably try to veto it. Based on what?
Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? He was saying similar things before his last stint as president, only for him to basically give the SEC and courts free reign to go after Bitcoin companies and start litigating. The reality what he's currently proposing are things that the Biden administration and courts have already been doing against the banks. The reality is that the courts, the Sec and the government have basically screwed the FED over with how much it's done for Bitcoin. FIT21 was such a bold move by the US goverment that I was surprised that there wasn't much backlash and it was passed by Congress. Until I realised that.... Trump 24 will probably try to veto it. Him appointing Larry Fink, as Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propaganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?
Really? Are all the people in the sub ACN ponzi scheme merchants too? The reality is that the courts, the Sec and the government have basically screwed the FED over with how much it's done for Bitcoin. FIT21 wasn't Vetoed it was passed by Congress. Trump 24 will probably try to veto it.
>Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? just the entire sub. >The reality what he's currently proposing are things that the Biden administration and courts have already been doing against the banks. Even ignoring FIT21 being vetoed, that's just not true at all. You need to catch up on the GOP platform regarding crypto, or maybe I need to catch up on the Dem's platform, but I don't remember them saying the same things as I've seen the GOP saying.
The FIT act will definitely pass sometime next year, so the CFTC will definitely have much more regulatory control over crypto, which is a good thing because most cryptos fit more neatly as a commodity rather than unregistered securities.
So basically you don’t think SAB 122 gets vetoed, FIT21, Stablecoin, and other crypto bills don’t get passed?
Please read into things like the FIT21 act (that was a Bipartisan piece of legislation) and get back to me. Things like that are the true regulation that we need. Again we need clear rules of the road for the industry and Genslers SEC hasn't succeeded with that. You're just parroting misguided talking points.
Price is not an indicator of activity. With onchain governance around the corner Cardano is about to come the only top crypto with strong decentralisation. If you don't understand what that means then checkout FIT21.
I've seen this said a few times but could never find the actual text that says this. I've been told it was in FIT21, as the Howey test isn't concern with that but I could never find it. Could you link it?
Perfect answer. I would add also some very public trials along the way (FTX), and some regulations (MICA and FIT21) coming in into plays that should consolidate trust in CEX and custodian.
I was hoping he would change his mind as well, but it's not any kind of reversal, at least. I would have gladly traded SAB121 for getting the ETH ETF approved, and if we can still get FIT21 and the stablecoin bill passed, I think that would be a huge win.
He said he wouldn't veto FIT21. This one (SAB121) he did say he would veto.
Transaction speed isn't what frightens them. Capital flight from their inflationary, centrally controlled fiat money to a more sound money that no one really controls is the threat. This is very similar to why the US decided to outlaw and seize all significant private gold ownership in the 1930s. Except this time, due to the digital nature of crypto & game theory, a hard prohibition on cryptocurrency like that by one country could benefit other countries immensely. This is probably why the US keeps hoarding their BTC assets and took a 180 on crypto policy with the FIT21 bill.
As someone that is not from US, we don't really care if trump gonna keep his promises on crypto, what we do care is that he puts pressure to the other party because now they all know how many votes they can get by just supporting crypto, for example now the dems passing FIT21 at house, and that's great for our portfolio
> elizabeth warrens "anti crypto army" out of the oval office. She is an elected senator who is part of the legislative branch and has the constitutional power to oversee what the executive branch does. Trump can't get rid of Warren - only Massachusetts voters can. If you guys stop for a second on worshipping an authoritarian, you will realize the importance of division of power. > create a legal and pragmatic pathway for people to fund raise via ICOs, The ICO era created a dozen scams. Ppl made plenty of money from the last cycle without ICOs - the space doesn't need ICOs to make money. If you want to raise via an ICO, then you can register yourself as a security. Even the current FIT bill would put ICO as a security rather than a commodity. There is no way Republicans want to open this can of worms and get blamed for all the scams. The same folks yapping about ICOs are also probably the ones who are excessively engaged in airdrop farming and all sort of other degen frontrunning to dupe and dump on newer retail.
Biden said he'd allow FIT21 become law if it passes the Senate.
I don’t know the details of SAB 121 but for FIT21 the thought they would pass the first version in the house senate and. The Biden sign it is a wet dream. That’s just not how it works.
I don’t think incompetent it just it’s not a priority. If we look at the Gensler appointment and chokepoint or whatever objectively we can clearly see that FTX fucked the entire industry over. We are lucky to get out of this the way we did. FIT21 is just something that is completely normal way of the president interacting. Realistically the version of that bill will pass assuming they can move fast enough to get it to him before this congress is out. Of all the issues based on priority do you really think crypto is in the top half of Biden’s issues? Top 3/4? Top 9/10? It is a bottom of the barrel issue for him and there is reason we have barely moved in any direction under him.
He appointed Gensler, he instituted operation Chokepoint 2.0, he announced his opposition to the repeal of SAB 121 when there was absolutely no need to involve himself in congressional minutiae, and he announced his opposition to FIT21 long before the vote happened. And you're defense of Biden is that he's too incompetent to be behind the things his own administration is doing? Well, he is patently senile, so there's that. But the patently senile are precisely the sort most likely to hate crypto.
Except that I'm spending too much time on reddit and being lost on shit post like this, I would say that reference the FIT21 regulation that will \*probably\* be in the USA in couple of months, leading to the USA get a better regulation for the whole crypto environment.
Democrats are much more hesitant to support it compared to Republicans. Look at the votes on that recent FIT21 bill.
I think it's fine. It's not hard at all to meet the lax decentralization requirements of FIT21. FIT21 only looks at the past 12 months of history, so many centralized cryptocurrencies can redesign themselves to match the qualifications if they wish to do so.
tldr; The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to bring regulatory clarity to the U.S. crypto industry but introduces a problematic bifurcated market structure by distinguishing between "restricted digital assets" and "digital commodities." This division could lead to market fragmentation, compliance complications, and stifle innovation due to its disregard for the fungibility of crypto tokens. The bill's approach could create separate U.S. and global markets, complicating transactions and reducing the utility of crypto projects. To ensure well-functioning U.S. digital asset markets, lawmakers are urged to refine the bill to unify spot markets for fungible crypto tokens. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
I'm talking about the FIT21 definition, which has a high chance of passing this month. It only looks back 12 months at several metrics and defines decentralization on these metrics: * Client development * Token ownership distribution * Token issuance > So who created the protocol to give Vitalik and others free coins? It's just PoW. Same protocol as Bitcoin, but using GHOST. The difference is that they had a pre-mine. Why didn't they have an open market? No idea. Anyways, it's ancient history. The Ethereum Foundation only had $2M from the ICO and used it all up by 2016.
> New tokens are all issued by protocol. So who created the protocol to give Vitalik and others free coins? Why didn't Vitalik and other's follow Satoshi's lead and not give themselves any free coins and instead open to a fair, free market? > The initial miners also owned far too many tokens to qualify Bitcoin for decentralization under the FIT21 definitions. Ownership of bitcoin tokens has zero affect on decentralization of the bitcoin network.
New tokens are all issued by protocol. Has been that way even when it was PoW and anyone could mine ETH. Did you know that under loose FIT21 (which might pass the Senate this month) definitions, even early Bitcoin would not pass as a commodity until a year after 2011 for the 0.3.21 update after which Satoshi was no longer the sole developer. The initial miners owned far too many tokens to qualify Bitcoin for decentralization under the FIT21 definitions.
I think that's very unlikely. The [FIT21 bill](https://www.congress.gov/bill/118th-congress/house-bill/4763/all-info) currently going through splits crypfo into commodities and securities based on decentralization, and classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and *no issuer or affiliated person has control of 20% or more of the digital asset* or the voting power of the digital asset. Solana's distribution (and that of many other alt-L1s) would not meet that definition of decentralization due to the large portion that went to founders and insiders: https://pbs.twimg.com/media/E1l9ulcXEAArict?format=jpg&name=medium
Have you read the FIT21 bill?
> wont be long until SOL ETF too then. I think that's very unlikely for a couple of reasons. Firstly the BTC and ETH spot ETFs are commodity products. The [FIT21 bill](https://www.congress.gov/bill/118th-congress/house-bill/4763/all-info) currently going through splits crypfo into commodities and securities based on decentralization, and classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and *no issuer or affiliated person has control of 20% or more of the digital asset* or the voting power of the digital asset. Solana's distribution (and that of many other alt-L1s) would not meet that definition of decentralization due to the large portion that went to founders and insiders: https://pbs.twimg.com/media/E1l9ulcXEAArict?format=jpg&name=medium Secondly, the SEC has required futures ETFs first so that correlation can be monitored and the possibility of manipulation be examined. Solana doesn't have a futures ETF so is at least a year or two from a spot ETF being a possibility... even if the SEC did decide to allow one eventually.
If FIT21 gets through, a lot of cryptocurrency projects are going to have a bad day when they find out they actually aren't decentralised after all.
Not going to happen. The FIT bill pretty much indicates the current legislative route is to cast it as a commodity.
Wait til almost everyone realises their favourite L1 doesn't actually pass the FIT21 decentralisation tests.
There's currently no FIT21 equivalent in the senate, and they're going to drag their heels & amend it like crazy Depends on which articles you read i guess 🤷♂️
Yep I have high hopes for FIT21. The CBDC bill im not as sure about
Not only is FIT21 likely to pass the Senate, Biden said that while he doesn’t necessarily support it, he wouldn’t veto it. So it is law if it passes the senate.
The past week we had - a rebuke of SAB121 by both the house and senate. Waiting to be signed by Biden. This would allow for tradfi to custody crypto - the passage of FIT21 in the house which delineates between securities and commodities based on a decentralization criteria. It also places protections on individual users so we can’t get in trouble for simply using defi or custodying our own crypto. It’ll probably pass the senate - the passage of an anti-CBDC bill in the house which might pass the senate. It would ensure that government can’t track our financial transactions through a system they have complete control over - the approval of an ETH ETF that will allow institutions and sovereign nations to get exposure to ethereum and the smart contract ecosystem Pretty damn good week !
The past week we had - a rebuke of SAB121 by both the house and senate. Waiting to be signed by Biden. This would allow for tradfi to custody crypto - the passage of FIT21 in the house which delineates between securities and commodities based on a decentralization criteria. It also places protections on individual users so we can’t get in trouble for simply using defi or custodying our own crypto. It’ll probably pass the senate - the passage of an anti-CBDC bill in the house which might pass the senate. It would ensure that government can’t track our financial transactions through a system they have complete control over - the approval of an ETH ETF that will allow institutions and sovereign nations to get exposure to ethereum and the smart contract ecosystem Pretty damn good week !
So is the crypto FIT21 bill being passed bad for bitcoin? I know Biden is against the bill and he hates crypto so..
The Uniswap founder also seems to support it: "Uniswap founder Hayden Adams tweeted that the US House of Representatives plans to vote on the FIT21 bill this week. This is a bipartisan bill aimed at regulating CeFi to prevent another FTX. The bill's view on DeFi is that, as far as decentralized finance is concerned, no one is bound by this bill, and it proposes research on DeFi, similar to Europe's research on MiCA. Congress recognizes that CeFi and DeFi have essential differences and need to be studied and treated differently. This is a big deal and a clear step in the right direction for the United States. Previously reported that about 50 organizations and companies, including Coinbase and a16z, wrote to the US House of Representatives to support the FIT21 bill."
Consensys support it too said this about the bill: The current regulatory environment is detrimental to innovation and threatens the future of Web3 and Ethereum. FIT21 is an important initiative that shifts us away from the antagonistic, chaotic status quo and advances us towards a better framework that will ensure US leadership in the space. We fully support these remarkably bipartisan efforts to arrive at regulations that protect consumers and the market while also allowing blockchain entrepreneurs to innovate. We expect today’s unequivocal bipartisan support of US leadership in blockchain to only grow as we move forward, and that is great for our ecosystem.
This is what FIT 21 is using as their criteria: ----------- (24) DECENTRALIZED NETWORK.—With respect to a blockchain system to which a digital asset relates, the term ‘decentralized network’ means the following conditions are met: * (A) During the previous 12-month period, no person— * (i) had the unilateral authority, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, to control or materially alter the functionality or operation of the blockchain system; or * (ii) had the unilateral authority to restrict or prohibit any person who is not a digital asset issuer, related person, or an affiliated person from— * (B) During the previous 12-month period— * (i) no digital asset issuer or affiliated person beneficially owned, in the aggregate, 20 percent or more of the total amount of units of such digital asset that— * (ii) no digital asset issuer or affiliated person had the unilateral authority to direct the voting, in the aggregate, of 20 percent or more of the outstanding voting power of such digital asset or related decentralized governance system; or * (iii) the digital asset did not include voting power. * (C) During the previous 3-month period, the digital asset issuer, any affiliated person, or any related person has not implemented or contributed any intellectual property to the source code of the blockchain system that materially alters the functionality or operation of the blockchain system, unless such implementation or contribution to the source code— * (i) addressed vulnerabilities, errors, regular maintenance, cybersecurity risks, or other technical improvements to the blockchain system; or * (ii) were adopted through the consensus or agreement of a decentralized governance system. * (D) During the previous 3-month period, neither any digital asset issuer nor any affiliated person described under paragraph (20)(A) has marketed to the public the digital assets as an investment. * (E) During the previous 12-month period, all issuances of units of such digital asset were end user distributions made through the programmatic functioning of the blockchain system. https://www.congress.gov/bill/118th-congress/house-bill/4763/text#toc-H2381FC5FD656436F893106962DDB6D63 Hat tip to [hanniabu](https://np.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l59g4fs/)
PDF document on "Myth vs. Fact: FIT for the 21st Century Act" https://agriculture.house.gov/uploadedfiles/market_structure_myth_v_fact.pdf . >Myth: All digital assets, other than bitcoin, are securities and should be regulated by the Securities and Exchange Commission (SEC). . >The XRP decision in July 2023 determined XRP was only part of an investment contract when offered directly by Ripple to institutional investors. The decision called into question the SEC’s position that most digital assets are securities. The SEC’s policy was rejected by the court, which highlights the need for legislation.
I think this decision is now out of the SEC hands, and in the hands of the Senate as per FIT21? No?
“Dubbed the Financial Innovation and Technology for the 21st Century Act, or FIT21, the measure was approved by the House of Representatives with a 279-136 vote. With 208 Republican members of the House voting in favor of the bill, 71 Democrats voted in favor of FIT21 as well. All but three of 217 Republican House members voted in favor of FIT21, while about a third of Democrats supported the measure too.” Source: https://decrypt.co/231930/crypto-lobby-wins-house-passes-fit21
Now is a good time for everyone to contact their senators and tell them to support FIT21 because crypto is an extremely important issue. List of Anti-crypto Senators to contact for FIT21 [Tina Smith](https://www.standwithcrypto.org/politicians/person/tina---smith), [Sheldon Whitehouse](https://www.standwithcrypto.org/politicians/person/sheldon---whitehouse), [Angus King Jr.](https://www.standwithcrypto.org/politicians/person/angus---king), [Gary Peters](https://www.standwithcrypto.org/politicians/person/gary---peters), [Jeanne Shaheen](https://www.standwithcrypto.org/politicians/person/jeanne---shaheen), [Sherrod Brown](https://www.standwithcrypto.org/politicians/person/sherrod---brown), [Jack Reed](https://www.standwithcrypto.org/politicians/person/john---reed), [John Hickenlooper](https://www.standwithcrypto.org/politicians/person/john---hickenlooper), [Maggie Hassan](https://www.standwithcrypto.org/politicians/person/margaret---hassan), [John Fetterman](https://www.standwithcrypto.org/politicians/person/john---fetterman), [Mark Warner](https://www.standwithcrypto.org/politicians/person/mark---warner), [Debbie Stabenow](https://www.standwithcrypto.org/politicians/person/debbie---stabenow), [Mike Rounds](https://www.standwithcrypto.org/politicians/person/mike---rounds), [Elizabeth 💩 Warren](https://www.standwithcrypto.org/politicians/person/elizabeth---warren) Check your senator's crypto voting history and then contact them about supporting FIT21: [https://www.standwithcrypto.org/politicians](https://www.standwithcrypto.org/politicians?utm_source=coinbase&utm_medium=partner&utm_campaign=legislative-portal)
Nancy Pelosi voted in favor of crypto bill FIT21. Can't make this shit up. We're so back
BILL FIT21 HAVE JUST PASSED THE HOUSE, 278 TO 136 https://x.com/Ashcryptoreal/status/1793397476914770386?s=19
where can I watch the FIT 21 vote?
Oh look, FIT21 bill is in line to get passed by the House Floor. I wonder why….
Here we go! FIT21 on the floor: [https://live.house.gov/](https://live.house.gov/)
Biden Administration has bosses above them too. Biden will not veto FIT21
They won’t veto FIT21 either
tldr; The White House has expressed opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21), citing concerns over insufficient investor protections. The administration is eager to collaborate with Congress to develop a comprehensive regulatory framework for digital assets that promotes responsible innovation and reinforces US leadership in the global financial system. The statement follows SEC Chair Gary Gensler's criticism that the bill could undermine the SEC's ability to regulate capital and crypto markets effectively. The White House seeks to ensure any digital asset legislation includes adequate consumer and investor safeguards while fostering innovation. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
No comments yet big boys were buying millions of dollars of eth and openly posting about it. No comments yet people on Coinbase (you know, favourite US exchange) were twaping like mad last week. The same Coinbase that dropped the piece that denial might not be so sure after all and not to blindly ape short after tradfi etf experts. No comments but all of a sudden everyone interested started modifying their applications to look the same across the board (like in btc case). Still, Blackrock's date was the only important one given their track record. Do you think any crypto etf would have happened without their involvement (and nearly 100% approval rate)? I don't think so. And they've just updated 19b-4 form so it's case closed, done deal. > I’ll comeback to humble you next month once all open applications are denied at once. And why are those etfs being approved? Why won't the White House veto FIT21 all of a sudden? Is Joe bipolar or what? I called 2025 based on the assumption that Trump wins and pushes for it because good gamba = number goes up = high approval rating. Again, I was right that Dems are afraid of losing elections, what I didn't know was the fact that they're scared so shitless they don't even consider delaying those applications - that's the only thing I was wrong about. That and that they think crypto bois can sway the election outcome. Oh, and my Binance pnl says I wasn't wrong either, who would've guessed? Victory lapping is all good because you were cocky (may I add, for no reason), going so far as calling me a larper when I had been explaining on-chain shorting via CDPs to people before you had a reddit account, before most people here knew what defi stands for lol; been calling out various "influencers" and pseudo "analysts", cautioning people about taking profits in Dec '21, explaining how you should go about optimizing your crypto wealth to be tax-free (aka how to legally optimize yourself to not pay capital gains tax), etc. But yeah, I'm larping for a living. Thankfully you got humbled - that's what market does to people.
If FIT21 gets passed Solana will be a commodity, end of story. And even without it, I’d reckon it would be extremely hard for the SEC to deny a Solana ETF if they approve an Ethereum one. The political narrative around crypto has changed significantly lately. Both parties have realized that crypto has a large following and can sway what will most likely be a very close election race.
It would be bad optics for him to reject it the same day the house votes on FIT21, the first major piece of crypto legislation to go through congress, and a week after the SAB121 repeal passed it's votes. Especially it's so obvious he would just get sued immediately and then approve it later anyway. May as well just resign the same day, he already looks like a clown.
wonder if this is related to the FIT21 Crypto legislation at all. Suppose to be discussed and voted on this week.
it's just that they try so hard to make it fit when it clearly doesn't. new regs need to be created for crypto to make sure free passes don't happen... new regs to FIT what crypto is. why can't they create new regs? how were they made to begin with? how did it start when they made them? did something trigger it? take all those questions and ask them now for crypto. why the fixk can't they make new ones?!?!?!