PRESS RELEASE: House Passes Bipartisan Gottheimer-Led Bill to Modernize Cryptocurrency Regulation and Protect Consumers
Includes key measures to clarify regulations and protect investors. Encourages the crypto industry to invest and create jobs in America
Above: Gottheimer in the House.
WASHINGTON DC – Today, Wednesday, May 22, 2024, the Financial Innovation and Technology for the 21st Century (FIT21) Act, which 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 play a leading role in these innovative technologies.
The FIT21 bill contains important investor-focused provisions on transparency and asset protection. It also clarifies and eliminates redundancies between the two main U.S. fintech regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), so that regulators can conduct 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 relocating overseas. The legislation passed the House by a vote of 279 to 136.
A video of Gottheimer’s remarks to the House is available here.
“My state of New Jersey ranks second in the nation in terms of cryptocurrency ownership. The key is to make sure we protect the Americans who own them and make sure we can recognize the economic and employment potential they have to offer,” said Congressman Josh Gottheimer (NJ-5). “To do 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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