- The US introduces the Financial Innovation and Technology for the 21st Century Act.
- Crypto lawyer John Deaton is cautious, urging scrutiny of the bill’s details.
- Coinbase CLO Paul Grewal supports the legislation.
The much-anticipated moment has arrived as the United States made its long-overdue entry into the digital asset regulation game. In response to the ‘Financial Innovation and Technology for the 21st Century Act,’ renowned crypto lawyer John Deaton took to Twitter to share his thoughts.
“Finally, the U.S. enters the game,” Deaton’s tweet read, acknowledging the significance of this legislative move.
However, Deaton was quick to caution against complacency, hinting that lurking within the bill’s details might be some devilish aspects yet to be fully understood. The lawyer decided to reserve his opinion until he could thoroughly digest all aspects of the proposed regulatory framework.
Fox journalist Eleanor Terrett highlighted that the bill was introduced by Congressman Glenn Thompson, along with Rep. French Hill and U.S. Representative Dusty Johnson. The proposed legislation aims to establish a comprehensive regulatory framework for digital assets.
In response to the news, Paul Grewal, the Chief Legal Officer of Coinbase, expressed enthusiastic support for the bill. Grewal emphasized that if the U.S. wished to be taken seriously in the global arena, it was imperative to act seriously in digital asset regulation.
According to Grewal, enacting the proposed legislation without delay would propel the United States to the forefront of the international conversation on this critical matter.
With differing perspectives from key players like John Deaton and Paul Grewal, the debate surrounding the bill’s implications is generating immense interest and discussions with the crypto community. It is worth mentioning that the introduction of the 21st Century Act opened a new chapter in the U.S. approach to digital asset regulation after years of regulation by enforcement.
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