RELEASE: REP. HILL’S HISTORIC BILL TO ESTABLISH A REGULATORY FRAMEWORK FOR DIGITAL ASSETS PASSES OUT OF COMMITTEE
WASHINGTON, D.C.,
July 26, 2023
WASHINGTON, D.C. – Today, Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, announced passage of his landmark bill, the Financial Innovation and Technology for the 21st Century (FIT21) Act, out of the House Financial Services Committee.
“While the rapid growth in digital assets has provided consumers with options, it also has opened up consumers to the potential for harm – as last year’s collapse of FTX demonstrated. Congress has heeded the call for strong consumer protections and a functional regulatory framework, which is why I introduced my bill after working closely with key stakeholders, the Biden Administration, and members from both sides of the aisle. I am proud that it has cleared its first hurdle today, passing out of committee with bipartisan support.
“Under the leadership of my friend and committee leader, Chairman Patrick McHenry, and alongside my colleagues on the House Agriculture Committee, Chairman G.T. Thompson and Subcommittee Chairman Dusty Johnson, we have crafted landmark legislation that establishes robust consumer protections and clear rules of the road for market participants while keeping innovation in the United States. I thank the chairmen for their collaboration on this historic bill and look forward to our significant legislation also passing out of the House Agriculture Committee and advancing to the House Floor.”
Further Background:
H.R. 4763 - Financial Innovation and Technology for the 21st Century (FIT21) Act: This bill creates a regulatory framework for digital assets while protecting consumers and keeping innovation in the United States.
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