If #FIT21 was in place before the creation of #Bitcoin, Satoshi would likely have had to register #BTC as a security with the SEC. Also FIT21 states that every #crypto should be regulated either as a security by the #SEC or as a commodity by the #CFTC. Asset issuers need to file an intent to register but what if there is no clear asset issuer? Would Satoshi have been considered an asset issuer?

So far this bill leaves me with more questions than answers. It has the potential to strongly change the incentives and risks to launch new #blockchain projects but I still don’t see much chatter about it. I think most people (me included) don’t really understand what impact it will have on the #crypto industry.

#HR4763