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House Republicans Are Protecting Consumers And Fostering Innovation

  • Angry Joe
Today, House Republicans will bring to the floor H.R.4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), which establishes clear and functional federal requirements over digital asset markets to protect consumers and foster innovation.
Digital assets have the potential to serve as the building blocks of the next generation of internet technology, but regulation-by-enforcement and the lack of a clear regulatory framework is setting the United States back by stifling innovation and leaving consumers unprotected. It is the job of Congress to create a regulatory framework that provides clarity and certainty to the digital asset markets through legislation, NOT unelected bureaucrats.
FACTS ABOUT THE FINANCIAL INNOVATION AND TECHNOLOGY FOR THE 21ST CENTURY ACT (Courtesy of the House Committee on Financial Services and the House Committee on Agriculture Republicans):
FIT21 will protect consumers by strengthening transparency and accountability with market participants:
  • Digital asset developers will be required to provide accurate, relevant disclosures, including information relating to the digital asset project’s operation, ownership, and structure; and
  • Digital asset customer-serving institutions, like exchanges, brokers, and dealers will be required to:
    • Provide appropriate disclosures to customers;
    • Segregate customer funds from their own; and
    • Reduce conflicts of interest through registration, disclosure, and operational requirements.
FIT21 will strengthen the market by protecting digital asset projects:
  • Digital asset developers will have a pathway to raise funds; and
  • Participants will have a clear process to determine which digital asset transactions are subject to the SEC’s jurisdiction and the CFTC’s jurisdiction.
FIT21 will protect digital asset customer-serving institutions by:
  • Establishing clear lines between the SEC and CFTC; and
  • Creating comprehensive registration regimes to permit them to lawfully serve customers in digital asset markets.