Republicans Lead Fight for Consumer Protection in the Digital Asset Ecosystem
FIT for the 21st Century Act Brings Digital Assets into the Regulatory Perimeter
Washington,
July 26, 2023 -
Today, the House Financial Services Committee is considering the Financial Innovation and Technology (FIT) for the 21st Century Act to provide clarity for the digital asset ecosystem. This unprecedented effort, led by House Financial Services Committee Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02) and House Agriculture Committee Chairman Glenn “GT” Thompson (PA-15), is a historic step for American innovation and consumer protection.
The bill is cosponsored by House Majority Whip Tom Emmer (MN-06), Subcommittee Chairman Warren Davidson (OH-08), and Rep. Dusty Johnson (SD-AL).
Watch Republican lawmakers’ remarks in support of the FIT for the 21st Century Act below:
Watch Chairman McHenry’s remarks in support of the FIT for the 21st Century Act here or by clicking the image above.
“There is no commingling,” said Chairman Patrick McHenry (NC-10). “The worst practices of FTX are banned in this bill. It is better at worst case than what we have currently, which is no consumer protection in the hopes the courts will understand the complexities of securities and commodities law and the technology. We have to wrestle with it. It is Congress’s obligation to wrestle with it.”
Watch Rep. Hill’s remarks in support of the FIT for the 21st Century Act here or by clicking the image above.
“This bill is filling the gaps in the existing system,” said Subcommittee Chairman Hill. “The existing system does not work. It does not facilitate what we need in a fit for purpose system and this bill does not allow commingling of customer funds or create any get out of jail free card during the designated provisional registration period for these enterprises.”
Watch Rep. Davidson’s remarks in support of the FIT for the 21st Century Act here or by clicking the image above.
“We finally have the opportunity to harness and embrace this next generation of technology here in the United States and we must seize this opportunity,” said Housing and Insurance Subcommittee Chairman Warren Davidson (OH-08). “…The citizens of our country, the people that are innovating in this space, candidly, probably lean more left than right, but they’re frustrated because the status quo is not solving problems, it’s not serving people, and it’s leaving America weaker by the day by our failure to act. So, I think it’s heroic to get to this point, I hope we can run through the tape and make this thing happen, I look forward to working with my colleagues to do that.”
Watch Rep. Emmer’s remarks in support of the FIT for the 21st Century Act here or by clicking the image above.
“This bill is an absolute step in the right direction,” said Majority Whip Tom Emmer (MN-06). “…The United States’ leadership in the global economy is propelled by our ability to leverage innovations that make markets and communication more efficient… America remains a technological leader, not because we force innovations to adopt our values under regulatory duress, but because we allow technology that holds these values at their core to flourish.”
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