Summer Mersinger anticipates extensive coordination and potential delays in the implementation of FIT21 across U.S. regulatory agencies if it is enacted.
Implementing the Financial Innovation and Technology for the 21st Century Act (FIT21) could be a lengthy process, potentially requiring months or even years of coordination between United States regulators before rules go into effect.
Summer Mersinger, Commissioner of the Commodity Futures Trading Commission (CFTC), made the prediction during a panel at the 2024 Consensus event. Mersinger sees a slow regulatory process for the bill if it becomes law.
“If you think legislation takes a long time, rulemaking takes a long time, too. And some of the Dodd-Frank rules we’re not even done,” said Mersinger, adding that the process’ length would depend on how Congress passes the legislation. She continued:
