Washington, DC – Today, U.S. Representative Young Kim (CA-40), who serves on the House Financial Services Committee, voted in favor of the Financial Innovation and Technology for the 21st Century (FIT 21) Act (H.R. 4763), which passed with bipartisan support to create a framework for regulating cryptocurrencies and other digital assets.
The bill establishes a regulatory framework to bring our economy into the 21st century and allow for innovation while providing robust consumer protections by:
- Defining which digital assets are securities regulated by the Securities and Exchanges Commission (SEC) and that assets decentralized blockchain systems are commodities under the Commodity Futures Trading Commission (CFTC);
- Listing conditions for considering a digital asset’s blockchain to be decentralized so entities can self-certify their blockchain’s decentralization; and,
- Creating rules for digital asset issuers, brokers, and dealers as well as for digital commodity exchanges, brokers, and dealers.
Rep. Kim spoke on the House floor in support of H.R. 4763. Watch her speech HERE and read her remarks below.
“Millions of Americans from all backgrounds see digital assets as one of the many options to take wealth creation into their own hands. Unfortunately, the U.S. is falling behind compared to other countries, and we have yet to establish a viable regulatory framework for digital assets.
“H.R. 4763 establishes a much-needed digital asset market structure framework that provides clear rules for digital asset firms, while providing robust consumer protections.
“The FIT 21 Act would enable innovation to flourish and the U.S. to lead the world in the development of digital assets. The EU, the UK, Hong Kong—and the list goes on—have established or are in the process of establishing a regulatory framework. The development of technologies and new financial services tools should be taking place here—not elsewhere.
”I urge a YES vote on H.R. 4763, and with that I yield back.”
