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- CCI, along with nearly 60 organizations and allies, supports the Financial Innovation and Technology for the 21st Century Act (FIT21). - The industry has long sought clear regulatory guidelines for safe and secure digital asset innovation, which FIT21 provides. - Currently, U.S. firms struggle with outdated securities laws that don't consider digital assets' unique attributes. - FIT21 clarifies which digital assets the CFTC and SEC regulate, paving the way for the digital financial future. - The bill includes consumer protections such as fund segregation, conflict of interest mitigation, and extended bankruptcy protections. - Enacting FIT21 will maintain U.S. leadership in digital innovation, preventing it from moving offshore as other countries advance their regulations. - The House is urged to vote in favor of FIT21 to ensure a safer, inclusive future aligned with American democratic values. - CCI is proud to unite the digital assets community, including associations, start-ups, and major firms, in support of FIT21.

🚀 Get Ready for DORA: Building a Stronger Financial System in Europe Have you heard about DORA? It's a new regulation in Europe aimed at making the financial system more resilient. But what does that actually mean? Imagine your financial system like a complex machine. To function smoothly, it needs reliable parts working together. DORA focuses on the digital infrastructure of this machine, ensuring it's strong enough to withstand challenges. Here's how DORA helps: - Stronger Defenses: It strengthens the security of the technology (ICT) used by financial institutions. This protects sensitive information and keeps financial services running smoothly, even during disruptions. - Clearer Rules: DORA sets clear guidelines for both financial institutions and the companies that provide them with technology services. This ensures everyone is on the same page and working together. - Wider Protection: DORA goes beyond traditional players in finance. It includes new participants like crypto-asset service providers, ensuring a more comprehensive approach to digital resilience. Who does DORA affect? DORA applies to a wide range of financial institutions, from banks and investment firms to payment providers and insurance companies. Essentially, any organization playing a role in the European financial system will need to comply. By working together under DORA, we can build a more secure and reliable financial system for everyone in Europe. Want to learn more? Join our webinar about DORA next Wednesday: https://lnkd.in/dAWjTKyn

Digital Asset Week (DAW23) in London brought a significant development to the forefront of the finance sector. 👉Key institutions like J.P. Morgan ,Goldman Sachs, Citi , HSBC and BlackRock are progressing from experimental phases to actual deployment of digital asset applications. A critical player in this evolution is Digital Asset especially with their Canton Network which is garnering attention for facilitating interoperable standards across different DLT protocols. This shift towards more efficient, liquid financial markets is underpinned by the #tokenization of various assets, from ETFs to fixed income. It's a pivotal moment that underscores not just the potential but the real impact of digital assets in modernizing the financial landscape. This movement is more than just a trend; it's a #transformative shift that's reshaping finance as we know it. Digital Asset T-RIZE Group | Digital Technologies

🚨 Breaking News: U.S. House of Representatives Passes FIT21 Act for Clearer Digital Asset Regulation! 🚨 On May 22, 2024, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with overwhelming bipartisan support. This landmark legislation is a significant step towards a comprehensive regulatory framework for the digital asset ecosystem in the United States. What does FIT21 mean for the industry? 🔹 Balancing Innovation and Consumer Protection: FIT21 ensures essential consumer protections while fostering an environment conducive to responsible innovation in the digital asset space. 🔹 Clarity on Regulatory Roles: The Act designates clear oversight roles, with the CFTC overseeing digital commodities and the SEC regulating digital assets offered as securities. 🔹 Secondary Market Trading: FIT21 allows for the secondary market trading of digital commodities initially offered as securities, boosting market liquidity and value. 🔹 Stronger Market Practices: The Act imposes stricter requirements on digital asset exchanges and custodians, including robust customer disclosures and operational safeguards. 🔹 Enhanced Transparency and Accountability: FIT21 mandates accurate project information from developers and clear risk disclosures from customer-serving institutions. 🔹 Protecting Innovation: The Act provides a clear process for determining regulatory jurisdiction, protecting legitimate digital asset projects from unnecessary burdens. What's Next? With the House's approval, FIT21 now moves to the Senate for consideration. The industry remains optimistic about the bill's potential to establish a stable and predictable environment for digital assets in the U.S. Stay tuned for updates and join the conversation on how FIT21 will shape the future of digital assets! Source: https://lnkd.in/gKry7wPR #Blockchainlawyer #Blockhain #DigitalAssets #CryptoRegulation #US #FIT21 #Innovation #Finance #TechNews #Legislation #RegulatoryFramework

The number of companies using digital assets is on the rise, with risks and regulation still under debate

Right now, DORA is the word on the lips of every information security and compliance professional across the EU (or at least, it should be!). The regulation sets ambitious targets with the aim of fostering a more secure financial landscape in Europe. Here’s a few words on #DORA and what it means for the financial sector, and particularly for #FinTech service providers.

On 8 January 2024, the Financial Services and Markets Act (Digital Securities Sandbox) Regulations 2023 entered into force, creating the Digital Securities Sandbox within which certain Financial Market Infrastructures will be able to test the use of developing technologies subject to a modified legislative framework. Read our summary of the regulations here. #FinancialServices #Securities #CapitalMarkets #Digital #Regulation

This week in DC, we’re focused on the advancement of FIT21. There are also a number of events centered around federal banking regulation: Tuesday Vice Chair Michael Barr will lead a discussion panel on Bank Supervision and Regulation at the Federal Reserve Bank of Dallas 2024 Regional Bank Conference. CCI will be looking at how regulators across the country are approaching digital assets. https://lnkd.in/ekvgNjdT    House Committee on Rules will meet to advance FIT 21, critical legislation that would set up clear regulations for the digital asset industry, protect consumers and investors, and prevent innovation from going offshore. https://lnkd.in/epaYcdq2 While exact timing hasn’t been announced, CCI expects the FIT 21 to receive a House floor vote sometime on Wednesday. FIT 21 received bipartisan support in both U.S. House Committee on Financial Services and House Agriculture Committees, so CCI also expects strong bipartisan support for the bill on the full House floor. Thursday Chair Gary Gensler will participate in a fireside chat at the Investment Company Institute’s 2024 Leadership Summit. CCI will be looking at the implications for the digital assets industry, like how regulators are approaching tokenization. https://lnkd.in/e2P8anjb The U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal, San Francisco Regional Office Director Monique Winkler, and Los Angeles Regional Office Director Kathy Zoladz will attend Securities Enforcement Forum West 2024 to discuss the most important issues now facing securities attorneys and professionals. https://lnkd.in/ecWkqCav

On 8 January 2024, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 entered into force, creating the Digital Securities Sandbox within which certain Financial Market Infrastructures will be able to test the use of developing technologies subject to a modified legislative framework. The government has also published an Explanatory Memorandum which sets out the background and purpose of the Regulations. #Securities #FinancialMarkets