The House Committee on Rules has announced its intention to consider the Financial Innovation and Technology for the 21st Century (FIT21) Act. The bill is expected to be put to a floor vote later this month.
In a press release from the Financial Services Committee, it was stated that FIT21 aims to establish clear and functional federal requirements for digital asset markets. The legislation would also provide the Commodity Futures Trading Commission (CFTC) with new jurisdiction over digital commodities, while more precisely defining the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets.
Congressman Dusty Johnson (SD-AL), as quoted in the press release, described the legislation as historic. "There's been a regulatory gap for far too long, and America is at risk of losing innovative markets to other countries who have already established regulations for market participants. It's time to provide clarity and regulatory authority to the CFTC and SEC to provide customer protections and market oversight," said Johnson.
House Committee on Agriculture Chairman Glenn "GT" Thompson (PA-15) commented on FIT21's dual role in protecting consumers and investors while promoting American leadership in digital finance. "This is the product of extensive feedback from stakeholders and market participants and historic coordination with the Financial Services Committee," Thompson said.
Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, also expressed his support for FIT21 in the press release. He said, "This legislation will cement American leadership of the global financial system for decades to come and bolster our role as an international hub for innovation."
