Regulation
RELEASE: House passes bipartisan legislation led by Gottheimer to modernize crypto regulation and protect consumers
RELEASE: House passes bipartisan legislation led by Gottheimer to modernize crypto regulation and protect consumers
Includes key measures to clarify regulations and protect investors. Encourages crypto industry to invest and create jobs in America
Above: Gottheimer upstairs in the house.
WASHINGTON DC – Today, Wednesday, May 22, 2024, the Financial Innovation and Technology for the 21st Century (FIT21) Act, which U.S. Congressman Gottheimer helped negotiate in the Financial Services Committee, was signed into law by the House with bipartisan support. This bipartisan legislation clarifies the regulation of digital assets, strengthens consumer protections, and ensures that America continues to lead with these innovative technologies.
FIT21 includes important investor-focused provisions on transparency and asset protection. It also clarifies and eliminates redundancy between the two main US financial technology regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), so that regulators can exercise more effective oversight. Finally, the bipartisan legislation encourages the cryptocurrency industry to invest and create jobs in the United States, which has stronger consumer safeguards, instead of outsourcing overseas. The bill passed the House by a vote of 279 to 136.
Video of Gottheimer’s remarks on the House floor can be found here.
“My state, New Jersey, ranks second nationally in proportional cryptocurrency ownership. The key is to ensure we protect the Americans who own it and recognize the economic and employment potential it has to offer. » said Congressman Josh Gottheimer (NJ-5). “For this, we need rules of conduct to guide entrepreneurs, welcome innovators and protect consumers. This bill provides protections fit for the 21st century.
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