fit 21

Extracted Attributes

• Type

  Legislative Bill

• Scope

  Digital assets, cryptocurrencies

• Acronym

  FIT21

• Country

  United States

• Purpose

  To provide regulatory clarity for digital assets by defining jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

• Full Name

  Financial Innovation and Technology for the 21st Century Act

• Bill Number

  H.R. 4763

• Key Provision 1

  Delineates digital commodities (CFTC jurisdiction) and restricted digital assets/securities (SEC jurisdiction) based on decentralization and functionality.

• Key Provision 2

  Creates new SEC registration categories for intermediaries of restricted digital assets, such as digital asset trading systems.

• Legislative Body

  U.S. House of Representatives

Timeline

• The Financial Innovation and Technology for the 21st Century Act (H.R. 4763) was introduced in the U.S. House of Representatives by Glenn Thompson and other representatives. (Source: web_search_results)

  2023-07-20

• The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the U.S. House of Representatives by a vote of 279–136, with bipartisan support. (Source: web_search_results)

  2024-05-22

Honda Fit

The Honda Fit (Japanese: ホンダ・フィット, Hepburn: Honda Fitto) or Honda Jazz is a small car manufactured and marketed by Honda since 2001 over four generations. It has a five-door hatchback body style and is considered a supermini in the United Kingdom, a subcompact car in the United States, and a light car in Australia. Marketed worldwide and manufactured at ten plants in eight countries, sales reached almost 5 million by mid-2013. Honda uses the "Jazz" nameplate in Europe, Oceania, the Middle East, Africa, Hong Kong, Macau, Southeast Asia and India; and "Fit" in Japan, Sri Lanka, China, Taiwan and the Americas. Sharing Honda's global small car platform with the City, Airwave, first-generation Mobilio, Freed and HR-V/Vezel, the Fit is noted for its one-box or monospace design; forward-located fuel tank; configurable seats that fold in several ways to accommodate boot space in varying shapes and sizes— and boot volume competitive to larger vehicles. Honda released hybrid petrol-electric versions of the Fit in Japan in October 2010 and in Europe in early 2011. In 2012, Honda released the Fit EV in the United States and Japan, a limited-production all-electric version based on the second-generation, widely regarded as a compliance car. The fourth-generation model released in 2019 is currently sold in Japan, Europe, China, Taiwan, South Africa, Brunei and Singapore. Starting from 2020, the model was phased out in most Southeast Asian and Latin American countries, to be replaced by the larger City Hatchback, while it was withdrawn entirely from the North American market due to falling demand within the subcompact segment.

Web Search Results

• Financial Innovation and Technology for the 21st Century Act

  The Financial Innovation and Technology for the 21st Century Act (FIT21) was a bill passed in the lower house of Congress in May 2024 to explicitly address the treatment of digital assets under U.S. law. [...] The House Financial Services Committee asserts that the FIT21 Act is "an important step towards achieving regulatory clarity for digital assets", with intent to offer strong consumer safeguards and the regulatory clarity that is necessary for the digital asset industry in the United States to prosper. The legislation defines responsibilities between various US agencies, notably between the Commodity Futures Trading Commission (CFTC) for digital commodities and the Securities and Exchange [...] | | | | Long title | To provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes. | | Acronyms (colloquial) | FIT21 | | Legislative history | | | Introduced in the House of Representatives as H.R. 4763 by Glenn Thompson "Glenn Thompson (politician)") (R "Republican Party (United States)")-PA) on July 20, 2023 Passed the House on 22 May 2024 (279–136, with bipartisan support) | |

• The Financial Innovation and Technology for the 21st Century Act

  to close gaps created by current laws that did not anticipate the emergence of digital assets. FIT 21 seeks to divide digital asset jurisdiction between the Securities & Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) by identifying which digital asset transactions are subject to SEC jurisdiction and granting the CFTC authority to regulate secondary transactions in digital commodities. With the recent change in administration, we expect FIT 21 will serve as the [...] FIT 21 creates new SEC registration categories for intermediaries of restricted digital assets. Specifically, FIT 21 generally requires registration as a “digital asset trading system” for marketplaces bringing together purchasers and sellers of restricted digital assets. Digital asset trading systems would also be prohibited from custodying customer money, assets or property “in their role as a digital asset trading system” but could custody such assets under a separate registration qualifying [...] At a high level, FIT 21 would allocate jurisdiction of digital assets between the SEC and the CFTC on the basis of whether a digital asset is decentralized. The SEC would generally have oversight over “restricted digital assets,” those which are not part of a “functional system” or are not decentralized. The CFTC would then generally regulate “digital commodities,” those which are part of decentralized and functional blockchain systems. With the dividing line of decentralization, FIT 21 would

• The future of crypto-regulation: What is FIT 21? - Thomson Reuters

  Not surprisingly, legislators in Washington are taking note. On May 22, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT 21) as a major step towards productive regulation of the crypto industry. Understanding the contours of FIT 21 is valuable and helpful, even as this draft bill navigates an uncertain legislative path. [...] As the draft bill stands now, FIT 21 provides promise in creating a regulatory framework that more clearly delineates when a cryptocurrency is defined as a security and when it is defined as a commodity, as well as outlining compliance and reporting procedures and allotting necessary resources to regulatory enforcement. While the proposed bill has its flaws, FIT 21 brings us one step closer towards the goal of creating a meaningful and effective regulatory regime for the crypto industry that [...] FIT 21 defines an asset to be qualified as a _digital commodity_ based on an assessment of decentralization. Under the proposed legislation, an asset must be submitted to the SEC for certification to measure whether the asset may be considered sufficiently decentralized and functional. Decentralization, for the purpose of FIT 21, is measured by an assessment of ownership stake, voting power, authority to control the functionality of the blockchain, recency of changes to the source code, and

• House Passes Digital Asset Market Structure Legislation

  On May 22, 2024, the US House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), which would amend existing securities and commodity regulatory statutes to facilitate the use of digital assets, by a vote of 279 – 136. The passage of FIT21 marks an important milestone in the development of a federal regulatory regime for digital assets in the United States as it is the first time a chamber of Congress has passed major digital asset [...] In this Legal Update, we provide a summary of FIT21 and its key provisions. #### Summary of FIT21 FIT21 would establish a federal digital asset regulatory framework by clarifying the regulatory responsibilities of the SEC and CFTC over digital asset products and transactions, as well as update existing securities and commodity laws to account for various blockchain technology applications, including decentralized protocols. [...] # House Passes Digital Asset Market Structure Legislation: Financial Innovation and Technology for the 21st Century Act (FIT21)

• House Passes Financial Innovation and Technology for the 21st ...

  tirelessly to move this landmark legislation across the House Floor. FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress, and I remain committed to pushing this legislation forward until it becomes law.” [...] “Today is a historic day for American consumers, investors, and innovators. I applaud the House’s bipartisan passage of FIT21, which crafts a ‘fit for purpose’ regulatory framework for digital assets that protects consumers and investors while securing the United States as a leader in blockchain innovation. As FTX’s collapse showed, we need a functional regulatory framework in place to create consumer protections that currently do not exist, while ensuring America is a leader in the digital [...] Background: On July 20, 2023, Chairman Glenn “GT” Thompson, Rep. French Hill, Rep. Dusty Johnson, Whip Tom Emmer, and Rep. Warren Davidson introduced H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21). Chairman Patrick McHenry is a cosponsor of the legislation.