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Financial Innovation and Technology for the 21st Century Act

Floor Speech

By: Young Kim
By: Young Kim
Date: May 22, 2024
Location: Washington, DC

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Mrs. KIM of California. Mr. Chair, millions of Americans from all backgrounds see digital assets as one of the many options to take wealth creation into their own hands. Unfortunately, the U.S. is falling behind compared to other countries, and we have yet to establish a viable regulatory framework for digital assets.

H.R. 4763 establishes a much-needed digital asset market structure framework that provides clear rules for digital asset firms while providing robust consumer protections. Thus, I believe this bill is very fit for the 21st century.

FIT21 would enable innovation to flourish and the United States to lead the world in the development of digital assets. The EU, the U.K., Hong Kong--and the list goes on--have established or are in the process of establishing a regulatory framework.

The development of technologies and new financial services tools should be taking place here, not elsewhere. Mr. Chair, I urge a ``yes'' vote on H.R. 4763.

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