Press Releases

WASHINGTON, D.C. - Rep. French Hill (AR-02) today released the following statement after his landmark legislation to create a regulatory framework for digital assets, the Financial Innovation and Technology for the 21st Century Act (FIT21), passed the House by a bipartisan vote of 279 - 136 and is one step closer to becoming law.

 

“Today is a historic day for American consumers, investors, and innovators. I applaud the House’s bipartisan passage of FIT21, which crafts a ‘fit for purpose’ regulatory framework for digital assets that protects consumers and investors while securing the United States as a leader in blockchain innovation. As FTX’s collapse showed, we need a functional regulatory framework in place to create consumer protections that currently do not exist, while ensuring America is a leader in the digital asset market.

 

“This legislation passed in a bipartisan manner, signaling that consumer protection and American innovation are priorities for lawmakers on both sides of the aisle. I thank House Financial Services Chairman Patrick McHenry, House Agriculture Committee Chairman G.T. Thompson, and Agriculture Subcommittee Chairman Dusty Johnson for their outstanding leadership and collaboration on this bill, and I applaud each member of our committees who worked tirelessly to move this landmark legislation across the House Floor. FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress, and I remain committed to pushing this legislation forward until it becomes law.”

 

 

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.

• 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.

• 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.

• Establishing clear lines between the SEC and CFTC; and
• Creating comprehensive registration regimes to permit them to lawfully serve customers in digital asset markets.