The FIT21 bill (H.R. 4763) was just passed by the House. I still have to do more research on it but my current sentiment is that it’s a win for crypto.
My understanding of the bill:
- It will prevent FTX-style robberies by regulating CEXs as brokers.
- It sets a definition for what a decentralized digital asset is.
- It makes DeFi, validators/miners out of reach of the SEC or CFTC.
- It guarantees the right to self-custody.
- It introduces the concept of investment contracts for digital assets.
I think the biggest changes we can expect from this bill is that some less decentralized blockchains are going to either get rid of some of their tokens supply either by selling or burning them so they aren’t considered a security.
I’m not sure what the implications of the investment contract provision will be. The dems are claiming that it will lead to the collapse of the financial system.
IMO, this bill is the win for:
- Digital assets that meet the decentralization test
- The DeFi ecosystem
- Validators/Miners
- Self-custody
- Keeping devs and innovation in the US 🇺🇸
It is a loss for:
- SBF-style fraudsters
- Potentially TradeFi although I’m unclear on that one
The bill doesn’t mention anything about privacy or mixing technology but it’s probably good for those since the right to self-custody is made clear.
The bill: https://rules.house.gov/sites/republicans.rules118.house.gov/files/RCP_H4763_xml (003).pdf
That’s the thing though, my access to the internet is absolutely not guaranteed. My phones don’t have SIM cards, I run WiFi only, either at home or on my hotspot tablet, and I think that’s probably going to lose service at the end of this month.
Every time I ever do end up getting a SIM card for my phone, they end up saying I haven’t been using it and shut it down within a month or two, even though I used it literally every single day.
I don’t even trust phone/internet providers because of that shit, because it’s a bold faced lie when they tell me I haven’t been using my phone. SIM cards are about useless to me because of that shit.
It’s probably got something to do with the fact that I won’t sign into any Google account and refuse to activate location services, but damn you’d figure they would notice that I make and receive calls every single day.
Sigh 🤷♂️