A group of House Republicans introduced legislation this week that directs the Commodity Futures Trading Commission (CFRC) and the Securities and Exchange Commission (SEC) to regulate digital assets.
The Financial Innovation and Technology for the 21st Century Act (H.R. 4763) was introduced by U.S. Reps. French Hill (R-AR), chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion; Glenn Thompson (R-PA), chairman of the House Committee on Agriculture; and Dusty Johnson (R-SD), chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
“After listening to members on both sides of the aisle, the Biden Administration, and stakeholders, the House Committees on Financial Services and Agriculture are introducing landmark legislation today to establish a functional regulatory framework that will protect consumers and keep innovation in the United States,” Hill said. “This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants. I look forward to this historic legislation being considered in both the House Committees on Financial Services and Agriculture next week.”
U.S. Reps. Tom Emmer (R-MN) and Warren Davidson (R-OH) are co-sponsors of the bill.
“Today’s introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space,” Thompson said. “Over the past several months, our teams solicited extensive feedback from stakeholder and market participants, and worked diligently to produce a legislative product that aims to close existing authority gaps, ensuring U.S. leadership in financial and technological innovation. I thank Chairman McHenry for his leadership and that of our subcommittee chairs in moving this legislation to this stage.”