Financial Innovation and Technology for the 21st Century Act

Floor Speech

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Mr. HUIZENGA. Mr. Chair, since the first cryptocurrency network was created nearly 15 years ago, the rules governing the digital asset ecosystem have remained unclear.

As I learned while serving as chairman of the Capital Markets Subcommittee, regulators have been using opaque guidelines and regulation by enforcement. Meanwhile, Congress has been working on a bipartisan path forward.

Digital assets have the potential to revolutionize payment systems in the United States by allowing financial systems to become more efficient and more accessible to consumers.

By passing a comprehensive market structure framework, responsible actors will now have greater certainty and consumers will have greater protection from bad actors.

Mr. Chair, our markets are the envy of the world. We must not cede any ground. American innovation is a critical element of job creation and economic opportunity here in the United States. Congress must look to preserve this competitive advantage and not let it leave our shores. FIT21 is a historic first step.

Mr. Chair, I urge all of my colleagues to support this legislation.

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