The passage of the FIT21 Act is a huge step towards needed regulation of digital assets in the US

On May 22, the bipartisan Financial Innovation and Technology for the 21st Century Act finally advanced to a vote in the House by a vote of 279 to 136. It now heads to the Senate. If passed, the FIT21 Act will be a milestone in the regulation of digital assets in the United States and has been a long time coming.

The bipartisan support for this legislation signals a shift for our legislators who have realized that digital currency is the future and requires government regulation as seen by other industries. The FIT21 Act will provide the consumer protections and regulatory certainty needed for the industry to thrive safely.

I am a certified public accountant who has been working with digital asset companies since 2018. I have also watched more and more of these companies move overseas every year. The main reason is that they are not sure who regulates them in the United States and what rules may be coming. The FIT21 Act will help begin to define the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission in the space and will hopefully begin to bring much-needed transparency to U.S. operators.

Nick Ward,

Willoughby

Nick Ward is co-founder and chief audit officer of The Network Firm.