Coinbase CEO Brian Armstrong has issued a compelling call to action for Americans to rally behind the Financial Innovation and Technology for the 21 Century Act (FIT21). The legislation aims to provide much-needed regulatory clarity to the cryptocurrency industry, a step that could have profound implications for the sector’s future.
Important action you can take to protect the value of your crypto in America:
Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto. They will continue tomorrow. The bill will evolve during the…
— Brian Armstrong 🛡️ (@brian_armstrong) July 27, 2023
A Crucial Step for Regulatory Clarity
On July 26, lawmakers took a significant stride towards regulatory certainty for the crypto space by voting in favor of FIT21 and the Blockchain Regulatory Certainty Act. These legislative initiatives seek to define jurisdictional boundaries between securities and commodities regulators, bringing vital clarity to the crypto landscape.
Empowering the Crypto Community
Armstrong underscored the importance of public participation, urging Americans to support FIT21 as the legislative process advances. He emphasized that the bill’s passage could play a pivotal role in safeguarding Americans’ digital assets, fostering innovation, and bolstering national security.
Benefits for the Crypto Industry
Leading crypto company Coinbase hailed the potential impact of FIT21, stating that the legislation not only safeguards consumers and national security but also holds the promise of creating job opportunities within the United States. By offering regulatory clarity, U.S.-based crypto firms may find incentives to stay rooted in the country and continue to contribute to the local workforce.
Coinbase’s Commitment to Engagement
Amidst the challenges posed by regulatory uncertainties, Coinbase has remained steadfast in its commitment to collaborate with U.S. regulators throughout the year. Armstrong proactively engaged with regulators in Washington, D.C., organizing informal discussions about the crypto industry and engaging in closed-door meetings with Congress members to discuss digital asset legislation.
A More Stable Regulatory Environment
With FIT21’s potential passage, the crypto industry in the United States could witness a newfound sense of stability and support in the regulatory landscape. The legislation has the potential to cultivate an environment conducive to innovation and growth, while simultaneously ensuring robust protection for investors and consumers.
Charting a Path Forward
As the legislative process continues, the crypto community’s collective support for FIT21 becomes increasingly pivotal. Armstrong’s call to action resonates with the shared vision of creating a secure and thriving crypto ecosystem in the United States. With the potential benefits of regulatory clarity, this legislative move could herald a new era of opportunity and progress for the American crypto industry. As the nation stands on the precipice of shaping its crypto regulations, public participation and advocacy can pave the way for a transformative and prosperous future.
