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
Crypto is superior to the legacy financial system. The banks operate a patchwork of incompatible systems that is a nightmare to maintain. Blockchain tech is very simple in comparison.
As long as you have an OK internet connection your payments will work. Monero has over 20k nodes running so if one or 100 of them are down it is irrelevant, the network still works.
If you are a smart phone user install cake wallet from the app store, it is very simple and pretty secure. Then post your receiving address here and I will send you some Monero to get you started in practicing using crypto the proper way.