Regulation
PRESS: House Passes Bipartisan Gottheimer-Led Legislation to Modernize Cryptocurrency Regulation, Protect Consumers
PRESS: House Passes Bipartisan Gottheimer-Led Legislation to Modernize Cryptocurrency Regulation, Protect Consumers
It includes key measures to clarify regulation and protect investors. Encourage the cryptocurrency industry to invest and create jobs in America
Above: Gottheimer in the Chamber.
WASHINGTON DC – Today, Wednesday, May 22, 2024, the Financial Innovation and Technology for the 21st Century Act (FIT21), which U.S. Congressman Gottheimer helped negotiate in the Financial Services Committee, passed the House with bipartisan support. This bipartisan legislation clarifies the regulation of digital assets, strengthens consumer protections, and ensures that America continues to lead the way with these innovative technologies.
FIT21 includes important investor-focused provisions on transparency and asset protection. It also clarifies and eliminates redundancy between America’s two main financial technology regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), so that regulators can conduct oversight more efficiently. Finally, the bipartisan legislation encourages the cryptocurrency industry to invest and create jobs in the United States, which has stronger consumer protections, instead of outsourcing abroad. The legislation passed the House by a vote of 279-136.
You can find video of Gottheimer’s remarks in the House Here.
“My state, New Jersey, ranks second in the nation in proportional cryptocurrency ownership. The key is to make sure we protect the Americans who own it and recognize the economic and job potential it has to offer” . said Rep. Josh Gottheimer (NJ-5). “For this, we need rules of the road that guide entrepreneurs, welcome innovators and protect consumers. This bill offers protections fit for the 21st century.”
###