House GOP Introduces FIT21 to Reform U.S. Crypto Regulations

By: cryptosheadlines|2025/05/06 17:00:08
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com FIT21 focuses on cutting the dominance of big crypto companies and increasing participation in the wider market. This comprehensive crypto regulatory framework is required to progress innovation in the United States. The House Republicans have introduced a new Digital Asset Market Structure Discussion Draft on May 5. The draft is focused on cutting the dominance of big crypto companies and increasing participation in the wider market, according to an official from Paradigm. Glenn Thompson and French Hill, the House agricultural and financial services committee, led the discussion draft. And, the vice president of regulatory affairs, Justin Slaughter, called it the Financial Innovation and Technology for the 21st Century Act (FIT21). As per the draft, anyone possessing over 1% of a digital commodity issued by the project and less than 5% in the FIT21 bill will be referred to as an affiliated person. The officials mention that this initiative may reduce the influence of big crypto firms and result in increased participation in the crypto market. FIT21 to Abolish Crypto Monopolies The draft further mentions that a mature blockchain system, together with its associated digital commodity, does not come under the common control of any person or group. The main authority will be the Securities and Exchange Commission for regulating activity on the crypto network till they become properly decentralized. A finance trading protocol is something that permits users to indulge in a financial transaction in a self-directed manner. Protocols meeting these criteria do not need to register as digital commodity brokers or dealers. The draft calls digital commodities investment contract assets to differentiate their treatment from stocks and other traditional assets as per the Howey test. Crypto firms will also get a way to generate funds under the SEC’s oversight.They will also have a clean and clear process to register their digital commodities with the Commodity Futures Trading Commission. CFTC will be responsible for Joint rulemaking, procedures, or making guidelines associated with crypto asset delisting. This comprehensive crypto regulatory framework is required to progress innovation in the United States, mainly through modernizing the financial infrastructure of US and strengthening the US dollar dominance. Highlighted Crypto News Today: Binance Partners with Kyrgyzstan to Build Crypto Payment InfrastructureshareSource link

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WEEX P2P update: Country/region restrictions for ad posting

To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.

 

I. Overview

When publishing P2P ads, advertisers can now set the following:

Allow only counterparties from selected countries or regions to trade with your ads.

With this feature, you can:

Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.

 

II. Applicable scenarios

The following are some common scenarios:

Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.

 

III. How to get started

On the ad posting page, find "Trading requirements":

Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.

 

When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:

If you encounter this issue when placing an order as a regular user, try the following solutions.

Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.

 

IV. Benefits

Compared with ads without country/region restrictions, this feature provides the following improvements.

Aspect

Improvement

Trading security

Reduces abnormal orders and fraud risk

Conversion efficiency

Matches ads with more relevant users

Order completion rate

Reduces failures caused by incompatible payment methods

V. FAQ

Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.

 

Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.

 

Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.

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