WASHINGTON, D.C. – On Wednesday, May 22, 2024, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with bipartisan support. Congressman Josh Gottheimer played a key role in negotiating the bill within the Financial Services Committee. The legislation seeks to clarify regulations for digital assets, enhance consumer protection, and ensure America’s continued leadership in these innovative technologies.
FIT21 includes investor-focused provisions designed to improve transparency and asset protection. It also aims to streamline oversight by clarifying roles and eliminating redundancies between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), America’s two primary financial technology regulators.
Furthermore, the bipartisan bill is designed to encourage investment and job creation in the cryptocurrency industry within the United States, which has strong consumer protection measures, rather than outsourcing abroad.
The bill passed the House with a vote of 279-136.
Congressman Gottheimer emphasized the importance of the bill for his constituents. “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 Gottheimer. “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.”
