• Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
Facebook X (Twitter) Instagram
Trending
  • KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack
  • Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple
  • Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations
  • Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute
  • Yemenis are embracing DeFi in response to US sanctions on the Houthi group
  • Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst
  • Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support
  • Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’
Facebook X (Twitter) Instagram
CoinovelCoinovel
  • Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
CoinovelCoinovel
Home » CFTC Commissioner foresees a sluggish and protracted journey in adopting FIT21
CFTC Commissioner foresees a sluggish and protracted journey in adopting FIT21
CFTC Commissioner foresees a sluggish and protracted journey in adopting FIT21

CFTC Commissioner foresees a sluggish and protracted journey in adopting FIT21

0
By admin on 2024-05-30 Regulations Security

The process of implementing the Financial Innovation and Technology for the 21st Century Act (FIT21) may be a time-consuming endeavor, potentially requiring extensive coordination among US regulators before the rules come into effect.

During a panel at the 2024 Consensus event, Summer Mersinger, Commissioner of the Commodity Futures Trading Commission (CFTC), predicted a slow regulatory process for the bill if it becomes law. Mersinger pointed out that if legislation takes a long time to pass, rulemaking also takes a considerable amount of time. She cited the example of the incomplete Dodd-Frank rules to highlight the length of the process. Mersinger emphasized that the duration of the process would depend on how Congress passes the legislation.

Once a bill becomes law, regulatory bodies like the Securities and Exchange Commission (SEC) and CFTC will be responsible for enforcing the new rules. This involves drafting detailed regulations, allowing for a public comment period, and potentially making revisions based on feedback received. This phase can extend over several months or even years, as seen with the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010.

The FIT2 bill has successfully passed the House of Representatives with bipartisan support and is now facing its next challenges in the Senate. This legislation aims to clarify regulatory responsibilities between the SEC and CFTC regarding digital assets.

The administration of Joe Biden has expressed concerns about the bill, hinting at possible regulatory gaps that could impact market stability. However, it has not explicitly stated whether a veto would be considered.

During the event discussion, SEC Commissioner Hester Pierce also participated and mentioned that Congress’ interest in cryptocurrency legislation is a response to the agency’s enforcement approach towards crypto firms. Pierce welcomed Congress’ interest in cryptocurrency and emphasized that it serves as a reminder that the SEC has not fully utilized the flexibility granted by Congress to address the application of the law to new and challenging aspects of the industry.

Image: [Image Description: Nick De, Summer Mersinger, and Hester Pierce at Consensus 2024.] Source: Turner Wright/Cointelegraph

Magazine:
The actual risks to Ethena’s stablecoin model (are not the ones you think)

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

  • Popular
  • Latest
  • Hot comments
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

Latest Gallery

Latest Recommendations
2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

2025-04-18 Regulations Security

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

2025-04-18 Blockchain

Yemenis are embracing DeFi in response to US sanctions on the Houthi group

2025-04-18 Regulations Security

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

2025-04-18 Cryptocurrency

Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support

2025-04-18 News

Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’

2025-04-17 Blockchain

Polygon’s Nailwal: The Jio Partnership Will Propel Real-World Web3 Adoption for 450 Million Users

2025-04-17 Blockchain

Babylon’s Total Value Locked Decreases by 32% as Wallets Unstake $1.2B in Bitcoin

2025-04-17 Regulations Security

OpenAI pursued a deal with Anysphere prior to shifting its focus to WindSurf

2025-04-17 Analysis

Bitcoin Gold’s Imitation Strategy Could Surpass $150K as BTC Remains ‘Remarkable’

2025-04-17 Cryptocurrency

AI Tokens and Memecoins Dominate Cryptocurrency Narratives in Q1 2025: CoinGecko

2025-04-17 Cryptocurrency

Four Reasons Why the Price of Bitcoin Could Surge to $90,000 in April

2025-04-17 News

Trump Criticizes Powell for Delaying Interest Rate Cuts, Calling It ‘Too Late’

2025-04-17 News

Wyoming Commission Considers Whether Stablecoin Falls Under SEC Regulations

About
About

Coinovel is an enthralling novel of cryptocurrencies. Engage with narratives, delve into stories, and journey through the captivating world of digital currencies.

X (Twitter) Telegram
Popular posts
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

Copyright © 2025 coinovel. All rights reserved.
  • Home
  • Cryptocurrency
  • Blockchain
  • Regulations Security
  • Analysis
  • Insights
  • News
  • Getting Started

Type above and press Enter to search. Press Esc to cancel.