Eliminate Barriers to Innovation Act of 2021

Floor Speech

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Mrs. FISCHBACH. Mr. Speaker, I thank my colleague from North Carolina for yielding to me.

Mr. Speaker, I rise today in support of the Eliminate Barriers to Innovation Act. As the ranking member of the Commodity Exchanges, Energy, and Credit Subcommittee, I am looking forward to digging in on the many issues surrounding digital assets, particularly digital commodities.

Digitally native assets represent a new way for people to interact with each other and potentially organize productive activities. Whatever promise this innovative technology may hold, it will not be realized if it is subjected to outdated and unworkable regulations.

One of the great strengths our financial system in the U.S. has is that the rules are well-formed, longstanding, and fit for purpose. While we may argue about the details, the basic principles of the U.S. financial markets, and the rules which apply to legacy assets, are well understood.

Digital assets, on the other hand, present new challenges. While the principles won't change, the rules that bring those principles into effect may have to change.

This working group will give the CFTC, the SEC, and the market participants a critical venue to examine those principles and bring needed clarity to the application of existing rules on digital asset transactions.

Mr. Speaker, I urge my colleagues to support this bill.

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