RELEASE: House Passes Gottheimer-led Bipartisan Legislation to Modernize Crypto Regulation and Protect Consumers

Above: Gottheimer on the House floor.

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 regulation for digital assets, bolsters consumer protection, and ensures America continues to lead with these innovative technologies. 

FIT21 includes important investor-focused provisions regarding transparency and asset protection. It also clarifies and eliminates redundancy between America’s two leading financial technology regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), so that regulators can more efficiently conduct oversight. Finally, the bipartisan legislation encourages the cryptocurrency industry to invest and create jobs in the United States, which has stronger consumer guardrails, instead of outsourcing abroad. The legislation passed the House by a vote of 279-136.

Video of Gottheimer’s remarks on the House floor can be found here.

“My state, New Jersey, ranks second nationwide in crypto ownership by proportion. The key is making sure we protect Americans who own it, and make sure we can recognize the economic and jobs potential it has to offer,” said Congressman Josh Gottheimer (NJ-5). “For that, we need rules of the road to guide entrepreneurs, embrace innovators, and protect consumers. This bill offers protections that are FIT for the 21st century.”

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