Financial Innovation and Technology for the 21st Century Act

Floor Speech

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Mr. GOTTHEIMER. Mr. Chairman, I rise in support of the bipartisan Financial Innovation and Technology for the 21st Century Act. This well-reasoned and thoughtful bipartisan legislation is the result of rigorous research and bipartisan negotiation by the Financial Services Committee, which I proudly helped lead with Representatives McHenry and Hill.

I thank them both and all of my colleagues on both sides of the aisle who have worked so hard to make sure that consumers in our country are protected.

Cryptocurrency is here, and it has a tremendous economic potential for our country. My State, New Jersey, ranks second nationwide in crypto ownership by proportion, and the key is now in making sure we protect Americans who own it and ensure our country can realize the economic and jobs potential it has to offer.

For that to happen, we need rules of the road to guide entrepreneurs and businesses, to embrace innovators, and to protect consumers.

This bill offers protections that are fit for the 21st century. FIT21 takes commonsense steps to safeguard consumers in their investments and strengthen market oversight.

The legislation includes key transparency and accountability measures.

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Mr. GOTTHEIMER. At the same time, FIT21 eliminates regulatory redundancies so the SEC and CFTC work together to protect investors and crack down on nefarious crypto users.

Finally, this legislation spurs American-led innovation, encouraging entrepreneurs and businesses to invest here instead of going abroad to other nations with no consumer protections.

Mr. Chair, I encourage my colleagues to vote for this important innovative and bipartisan legislation. It is fit to become law if we work together.

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