WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a Fact Sheet titled “Seven Questions on the Pro-Crypto, Anti-SEC Financial Innovation and Technology for the 21st Century Act (FIT 21).” The fact sheet’s release comes as the Chairs of the SEC and CFTC appear before the Senate Appropriations Committee this week.

“The stakes for our capital markets as Congress considers the Financial Innovation and Technology for the 21st Century Act (FIT 21) are enormous. The United States boasts the broadest, deepest, and most liquid financial markets globally, driving business creation, job growth, and economic expansion. However, the preeminence of these markets is not guaranteed. Their global standing hinges on the trust and confidence of investors and customers, who believe in the effectiveness of U.S. market regulation. This trust is at the heart of the debate surrounding FIT 21. It is imperative to ask tough questions, rigorously scrutinize the industry’s claims, and assess whether FIT 21 will benefit or harm Main Street Americans and businesses.

“Our fact sheet examines the tough questions that lawmakers should be asking about FIT 21. These questions include:

1. Is the FIT 21 Act Deregulation Disguised as Regulation?
2. Is the CFTC Being Given Sufficient Resources to Prevent Main Street Consumers, Commodity Markets, Farmers, and Other Commodity Producers from Paying the Price of Deregulation?
3. Will The Proposed Self-Certification Process Be a Rubber Stamp for the Transition of Crypto from Security to Commodity That Will Foreclose Meaningful SEC Review?
4. Given That the CFTC Lacks the Necessary Investor Protection Mandates to Effectively Regulate Crypto, Doesn’t FIT 21 Expose Investors and Our Markets to Heightened Risks?”

Read the Fact Sheet here.

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