CFTC Commissioner: FIT21 Act Implementation May Take a Long Time

The implementation of the Financial Innovation and Technology for the 21st Century Act (FIT21) could take months or even years of coordination involving multiple U.S. regulators, CFTC Commissioner Summer Mersinger said at Consensus 2024. The bill, which has passed the House of Representatives and is facing a challenge in the Senate, seeks to clarify the regulatory responsibilities of the SEC and CFTC with respect to digital assets.SEC Commissioner Hester Pierce noted that congressional interest in cryptocurrency legislation stems from dissatisfaction with the way the SEC regulates. The Biden administration, for its part, has expressed concern about the regulatory gap that could result from the bill.