Today in Washington, the House Financial Services Committee has taken a momentous step towards securing the digital asset ecosystem and protecting consumers. Today, six pieces of legislation, including the bipartisan “Financial Innovation and Technology for the 21st Century Act” (FIT Act), were advanced by the Committee with overwhelming support from both sides of the aisle.
Led by Chairman PatrickMcHenry , and backed by RepFrenchHill, WarrenDavidson, and GOPMajorityWhip Tom Emmer, the FIT Act represents an unparalleled joint effort to establish a comprehensive regulatory framework for digital assets. By bringing these assets within the regulatory perimeter, the Act promises to foster American innovation while providing vital safeguards for consumers.
The Act addresses the complexities surrounding digital assets, delineating clear rules for their issuance and trading at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Moreover, it aims to bolster confidence among innovators and investors, thus unlocking the full potential of blockchain technology.
#PASSED: In a historic first, the House Financial Services Committee just advanced the BIPARTISAN FIT for the 21st Century Act to protect consumers and provide clear rules of the road for the digital asset ecosystem.
Up next: @HouseAgGOP considers the legislation tomorrow. pic.twitter.com/kOyLmolPuz
— Financial Services GOP (@FinancialCmte) July 26, 2023
The significance of this legislative advancement cannot be understated, as it marks a critical milestone in shaping the future of the digital asset market. The support of countless stakeholders and policymakers has played an integral role in driving this legislation forward.
The House Ag GOP is now set to consider the legislation tomorrow, paving the way for further progress in this ever-evolving space. With the FIT Act leading the charge, the American digital asset industry is poised for growth, innovation, and enhanced consumer protection.
