Is the House’s FIT21 Bill Really the Legislation That Crypto Needs?

A little ironically, Shapiro and Palley’s criticisms seem to line up with Maxine Waters (D-CA), the ranking Democrat on the Domicile Financial Services Committee, who said it was the one of the worst bills she’s ever seen. In addition to potentially stretching the resources of the CFTC, which no more than has around 700 employees compared to the SEC’s 4,500, it may also undermine other legislative efforts – like the stablecoin tabulation Waters worked on alongside House Financial Services Chair Patrick McHenry (R-NC).