FIT21: Who Regulates What?
The Financial Innovation and Technology for the 21st Century Act (FIT21) creates the first clear split between SEC and CFTC jurisdiction over digital assets. The key question: is the blockchain decentralized? If yes → CFTC (commodity). If no → SEC (security). This page visualizes every party's role in the new framework.
Regulatory Jurisdiction Map
Click each zone to see what falls under it
The Decentralization Test
FIT21's key innovation: a measurable test that determines whether a token is a security or commodity. Drag the sliders to see how a token gets classified.
Token Lifecycle: Security → Commodity
How a token transitions from SEC jurisdiction to CFTC jurisdiction over time
Party Roles in the New Ecosystem
Every participant has defined obligations under FIT21. Click a party to see their requirements.
Token Issuers
Projects launching tokens
Exchanges
Trading platforms (CEX & DEX)
Broker-Dealers
Intermediaries & market makers
Custodians
Asset safekeeping services
DeFi Protocols
Decentralized applications
End Users
Retail & institutional investors
Registration & Compliance Flow
Key Numbers
Stablecoin Carve-Out
- Permitted payment stablecoins — excluded from both SEC & CFTC
- Fraud protection — still subject to anti-fraud rules
- Registered firm rules — exchanges listing stablecoins must still comply
- Separate legislation — full stablecoin framework expected in parallel bill