Eliminate Barriers to Innovation Act of 2021

Floor Speech

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Mr. THOMPSON of Pennsylvania. Mr. Speaker, I thank the gentleman for yielding.

Mr. Speaker, I rise today to express my support of the Eliminate Barriers to Innovation Act offered by my friend from North Carolina and the ranking member of the Committee on Financial Services, Mr. McHenry.

The CFTC and the SEC have a long history of collaboration in financial market regulation. The working group created through this legislation will continue to build on this good work.

Digital assets present unique new questions for regulators: How and where do these assets fit into the existing regulatory regime? What new standards are needed to continue to meet our bedrock principle of customer protection? Where do the CFTC and the SEC need to adjust their regulations to address the novel features and purposes of digital assets?

While both the CFTC and the SEC are hard at work applying their statutory responsibilities and regulations to these digital assets, the disruptive, novel nature of these new type of assets demand a more holistic examination. This working group, with its mix of CFTC, SEC, and nongovernmental members, will be well placed to examine these important questions.

The Eliminate Barriers to Innovation Act is a step forward in providing clear rules of the road for the creation, exchange, custody, and use of the full sweep of these new assets.

Mr. Speaker, I thank the ranking member, Mr. McHenry, and his staff for working with us at the House Committee on Agriculture on refinements to improve this legislation.

I cannot close, though, without singing the praises of the CFTC. The Commission has been focused on this explosion in new technology from the very beginning. The Commission created LabCFTC almost 4 years ago, and it remains the premier Federal fintech office.

They have proven themselves to be an agile regulator and adept at understanding new technologies and their implications. The Committee on Agriculture has welcomed these developments and sought to strengthen the CFTC's authorities and resources to meet the challenges in regulating these new financial products. The bill before us today complements these efforts.

Mr. Speaker, I look forward to working with Mr. McHenry and Chairwoman Waters on this and other legislation and oversight to build upon this work. I urge my colleagues to support financial innovation and vote ``yes'' on this important legislation.

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