Odaily Planet Daily news Combine Capital's Chief Investment Officer, Keegan Toci, expressed on X, "My view may not be welcomed by the market, but it would be best if FIT 21 could be rejected in the Senate."
Keegan explained that the congressional vote to repeal SAB 121 and the SEC's concession on the spot Ethereum ETF are real regulatory victories for the cryptocurrency industry, as these measures can prevent illogical excessive intervention. However, FIT 21 is different. Spot commodities and currency markets are essentially unregulated, and the responsibility of the CFTC is to regulate derivatives related to these markets (rather than spot markets). However, the FIT 21 proposal invites the CFTC to unnecessarily expand its regulatory scope, which is a resource-poor institution with a poor record in cryptocurrency enforcement actions, while the SEC still retains regulatory authority over certain digital assets. In addition, the FIT 21 bill has significant loopholes in its coverage of DeFi, resulting in many regulatory uncertainties.
Keegan added that the two parties have agreed unanimously on the need to build a new regulatory framework for cryptocurrencies, which is a positive signal, especially since 71 Democrats have chosen to vote across party lines in support. However, FIT 21 itself is not the framework we want, so there is no need to worry if it fails to pass the Senate vote.
Previously, it was reported that the U.S. House of Representatives has voted to pass the FIT 21 bill.
