CFTC Commissioner: FIT21’s Implementation Will Be Slow

The implementation of the Financial Innovation and Technology for the 21st Century Act (FIT21) is expected to be a lengthy process, potentially taking several months or even years for coordination between regulators in the United States prior to the enforcement of the rules.

According to Commissioner of the Commodity Futures Trading Commission (CFTC) Summer Mersinger, the process of implementing the bill could be slow if it is passed into law.

Speaking at the 2024 Consensus event, Mersinger highlighted that even the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, is still ongoing after several years. Mersinger pointed out that the process of rulemaking is a lengthy one and can take a considerable amount of time even after a bill becomes law.

This involves regulatory bodies like the Securities and Exchange Commission (SEC) and CFTC drafting detailed regulations and allowing for a public comment period, with the possibility of further revisions based on feedback received.