Financial Innovation and Technology for the 21st Century Act

Floor Speech

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Mr. DAVIDSON. Mr. Chair, I rise in strong support of this long overdue legislation. It builds on the framework that my colleagues and I have worked on for at least 6 years beginning with the Token Taxonomy Act in 2018.

Its core is a bright-line test to define what digital assets or securities are regulated by the SEC and which are commodities under the jurisdiction of the CFTC.

Innovators and investors will no longer risk their freedom and their fortunes by simply launching a company and raising capital. The law will be clear, and regulation by selective enforcement must end.

Additionally, and perhaps most notably, this bill also provides first-ever Federal level protection for self-custody of digital assets. This protection, which is very intentional, mirrors my Keep Your Coins Act, and it is a giant step toward restoring the right to privacy and private property protecting permissionless transactions using digital assets.

In an account-based financial system where Americans must rely on intermediaries, self-custody provides the only protection against third parties controlling the individual's transactions.

Thirdly, self-custody provides the first line of consumer protection where individuals can eliminate third-party liabilities who hold their assets.

For too long we have pushed innovation and investment in digital asset projects overseas as Congress has constantly failed to bring the clarity that we need. We finally have the chance to end this trend and solidify ourselves as the leaders in this industry.

Mr. Chair, I urge the Senate to quickly take up this bipartisan legislation and send it to the President's desk as soon as possible. Please vote ``yes.''

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