Coinbase CEO Brian Armstrong has made a call to action for Americans to support the Financial Innovation and Technology for the 21 Century Act (FIT21), which could bring much-needed clarity to the cryptocurrency industry.
On July 26, lawmakers already voted in favor of FIT21 and the Blockchain Regulatory Certainty Act, which are expected to provide regulatory clarity to crypto firms and define jurisdictional boundaries between securities and commodities regulators.
Armstrong emphasized that Americans can still make a difference by urging their representatives to vote “Yes” to FIT21 as the legislative process continues. He believes that this bill is crucial to safeguarding Americans’ digital assets, promoting innovation, and protecting national security.
Coinbase, one of the leading crypto companies in the United States, expressed that this legislation not only protects consumers and national security but also has the potential to create job opportunities within the country. By providing clarity in regulations, U.S.-based crypto firms may choose to remain in the country and continue employing local talent.
Despite the challenges posed by regulatory uncertainty, Coinbase remained committed to engaging with U.S. regulators throughout the year.
Armstrong took a proactive approach, inviting regulators for informal discussions about crypto in Washington, D.C., and even met with members of Congress behind closed doors on July 19 to discuss digital asset legislation.
Also Read: US House Committee Pass Crypto Bills for Regulatory Clarity
With the potential passage of FIT21, the crypto industry in the United States could find a more stable and supportive regulatory environment, which may encourage innovation and growth while ensuring the protection of investors and consumers.
