CFTC Commissioner: Will take several years for FIT21 implementation

Summer Mersinger, a Commodity Futures Trading Commission (CFTC) Commissioner in the United States, attended the Consensus 2024 conference and said that for coordination among regulators for the 21st Century Financial Innovation and Technology Act (FIT21) to take effect will take months or years. According to Cointelegraph, she said that even if FIT21 is enacted, she expects there will be extensive coordination required and with that, potential delays before it can be implemented. Once FIT21 is enacted, regulators such as the Securities and Exchange Commission (SEC) and CFTC will need to draft new rules, collect public feedback and make additional revisions based on feedback, Mersinger explained.