RELEASE: REPS. HILL, THOMPSON, JOHNSON INTRODUCE FINANCIAL INNOVATION AND TECHNOLOGY FOR THE 21ST CENTURY ACT
WASHINGTON, D.C.,
July 20, 2023
WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, alongside House Agriculture Committee Chairman Rep. Glenn “GT” Thompson (PA-15) and House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman, Rep. Dusty Johnson (SD-AL), today introduced H.R. 4763, the Financial Innovation and Technology for the 21st Century Act.
Rep. Hill said: “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. 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.”
Rep. Thompson said: “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. 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.”
Rep. Johnson said: “The digital asset space is muddled with regulatory uncertainty, lack of authority, and a lacking framework for core operating principles. The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.”
Further Background:
To read the full text of the bill, please click HERE.
For a section-by-section summary, please click HERE.
For additional background, please click HERE.
For a myth vs. fact breakdown, please click HERE.
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