House Financial Services Committee Reports Digital Asset Market ... - House Financial Services Committee

House Financial Services Committee Reports Digital Asset Market Structure, National Security Legislation to Full House for Consideration

Washington,
July 26, 2023 -

Today, the House Financial Services Committee passed six pieces of legislation out of Committee—many of which received bipartisan support—that provide robust consumer protections and legislative clarity for the digital asset ecosystem, as well as protect our national security. Included among this legislation is the FIT for the 21^st Century Act, an unprecedented joint effort to bring digital assets into the regulatory perimeter, a historic step for American innovation and consumer protection.

More information on all 6 bills reported out of the Financial Services Committee can be found below including Member remarks in support of their legislation:

H.R. 4763, the “Financial Innovation and Technology for the 21^st Century Act,” sponsored by Rep. French Hill (AR-02), creates a comprehensive regulatory framework for the issuance and trading of digital assets at the SEC and the CFTC. It also provides clarity on which digital assets are regulated by each agency to allow innovators to build and develop new products with confidence, while also securing key consumer protections for purchasers of digital assets.

Watch Rep. Hill’s remarks in support of H.R. 4763 here or by clicking the image above.

H.R. 1747, the “Blockchain Regulatory Certainty Act,” offered by Rep. Tom Emmer (MN-06), provides that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law.

Watch Rep. Emmer’s remarks in support of H.R. 1747 here or by clicking the image above.

H.R. 2969, the “Financial Technology Protection Act of 2023,” offered by Rep. Zach Nunn (IA-03), establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing under the Department of Treasury. It also encourages public-private sector partnership in examining issues surrounding illicit finance in the digital asset ecosystem.

Watch Rep. Nunn’s remarks in support of H.R. 2969 here or by clicking the image above.

H.R. 4768, the “No Russian Agriculture Act,” offered by Rep. Maxine Waters (CA-43), directs the U.S. Executive Directors of the International Financial Institutions to use its voice, vote, and influence to encourage the International Financial Institutions to invest in projects that decrease reliance on Russia for agricultural commodities.

Watch Rep. Waters’ remarks in support of H.R. 4768 here or by clicking the image above.

H.R. 4765, the “Exposing China’s Support for the Taliban Act,” offered by Rep. Stephen Lynch (MA-08), requires Treasury to carry out a study and brief Congress on the financial activities of China and Chinese entities in connection with the finances of Afghanistan and the Taliban, including activities that support illicit financial networks.

Watch Rep. Lynch’s remarks in support of H.R. 4765 here or by clicking the image above.

H.R. 3244, the “Stop Fentanyl Money Laundering Act of 2023,” offered by Rep. Blaine Luetkemeyer (MO-03), provides authority to the Secretary of the Treasury to take special measures to thwart money laundering in connection with illicit fentanyl and narcotics financing. It also alters suspicious activity reports to make it easier for law enforcement to identify illegal narcotics trafficking.