In the News
WTAS: Whip Emmer Builds Coalition of Support Around H.R. 4763, the Financial Innovation and Technology for the 21st Century Act
Washington,
May 22, 2024
WASHINGTON – Majority Whip Tom Emmer rallied support from outside organizations for H.R. 4763, the Financial Innovation and Technology for the 21st Century (FIT 21) Act. This comprehensive market structure legislation will ensure that the future of digital assets in the United States is determined by the American people and their Representatives in Congress – not the Administrative State. Here is what stakeholders are saying in response to the FIT 21 Act in the House: a16z crypto, Chris Dixon, Managing Partner: “In the next two weeks, the House of Representatives will vote on the most important piece of crypto legislation to date: FIT21. We’ve long called for regulatory clarity that protects consumers and innovation and the FIT21 Act will do just that… FIT21 will help stamp out scams, ensure oversight of crypto exchanges, and protect American consumers by implementing strict rules on crypto trading. FIT21 has bipartisan support because it tackles these issues. I encourage everyone who believes in the power of blockchain technology to support this legislation. The best thing to do is get in touch with your local representative and tell them to support FIT21.” Americans for Prosperity, Brent Gardner, Chief Government Affairs Officer: “On behalf of Americans for Prosperity, the nation’s largest grassroots organization, we urge you to support H.R. 4763, Financial Innovation and Technology for the 21st Century Act, sponsored by Representative Glenn Thompson… The FIT for the 21st Century Act will limit the opportunity for continued abuse of the authorities afforded to [the SEC] by creating a framework that directs both the Securities Exchange Commission and the Commodity Futures Trading Commission on how to set up a critical distinction between a ‘restricted digital asset’ and a ‘digital commodity.’” Club for Growth: “The Club for Growth urges all Representatives to vote YES on the Financial Innovation and Technology for the 21st Century (FIT 21) Act. The results of this vote will be included in the Club for Growth Foundation’s 2024 congressional scorecard…By providing a framework that would rein in the SEC, FIT 21 serves as a necessary deregulatory measure. Importantly, it would ensure that decentralized digital assets are not regulated as securities. This clarity will provide necessary certainty to investors and ensure that the digital asset industry grows in the United States and is not forced overseas. At the same time, it would serve as a needed check and balance from the legislature on the executive. Club for Growth urges representatives to free digital assets from unaccountable regulation by supporting this legislation.” Crypto Council for Innovation, Sheila Warren, Chief Executive Officer: “The Crypto Council would again like to take this opportunity to express our strong support for these encouraging steps towards advancing much needed legislation and our willingness to continue to engage to ensure that the legislation both supports innovation and protects consumers. CCI appreciates that this is an area of public policy which presents uniquely complex technical and legal challenges… CCI looks forward to continuing to support these efforts to establish a clear regulatory framework for digital asset markets that fosters innovation, provides critical protections for consumers, investors, and our financial system, and preserves the technological cutting edge of the United States.” Heritage Action: “Heritage Action supports H.R. 4763 - Financial Innovation and Technology for the 21st Century Act. Both the SEC and the CFTC have been irresponsible actors in the digital asset area. They have had more than a decade to promulgate rules governing digital assets, yet the SEC has utterly failed to do so and the CFTC has provided only minimal guidance. Instead, both agencies have chosen regulation by enforcement—and have done it poorly. H.R. 4763 is an important step to provide regulatory clarity and prevent unelected bureaucrats from exercising unilateral control over cryptocurrencies.” Coalition of 56 Blockchain Association Member Organizations: “Since the inception of the Bitcoin network in 2009, the blockchain and digital asset industry has existed without targeted market regulation. The absence of clear rules leads to confusion in the marketplace for companies – and leaves users and consumers unprotected. This lack of clarity impedes innovation and hamstrings companies, harming America’s standing in the global technology race… The policy issues facing our industry are complex – and we’re grateful for your tireless efforts. Passage of this legislation in the House will allow the discussion and debate to continue in the Senate, which is why we encourage the House of Representatives to vote “yes” on H.R. 4763.” Americans for Tax Reform, Americans for Prosperity, American Commitment, Center for a Free Economy, Center for Freedom and Prosperity, Club for Growth, Consumer Choice Center, The Heartland Institute, Heartland Impact, and Small Business & Entrepreneurship Council: “We, the undersigned organizations, are writing in support of the Financial Innovation and Technology (FIT) for the 21st Century Act (H.R. 4763). We also support complementary legislation (H.R. 5403) that prohibits the establishment of a central bank digital currency (CBDC) both directly to individuals and through the intermediated banking system…Members of Congress should vote in support of the FIT for the 21st Century Act and the CBDC Anti-Surveillance State Act.” Coalition of 106 Crypto and Blockchain Advocates: “During this era of exciting innovation and uncertainty, Americans depend on leaders like you to successfully guide us to a better future. We hope we can count on you and your colleagues in Congress to pass this critical legislation; its passage would encourage innovation, inform builders, protect consumers, and promote financial equity and freedom for all Americans.” Crypto Council for Innovation, Chamber of Progress, Consumer Technology Association, The Digital Chamber, Global DCA, Proof of Stake Alliance, Stand With Crypto, and other crypto organizations: “The undersigned organizations, which span the digital assets community and share the goal of encouraging the responsible global regulation of digital assets, write to express our support for H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT 21”). H.R. 4763 creates a comprehensive regulatory framework to protect consumers while addressing the unique structure of U.S. digital asset markets… We urge Members of the House to vote in favor of H.R. 4763 to establish a clear regulatory framework that fosters innovation, protects consumers, and maintains U.S. leadership in this foundational technology.” Coalition of 18 State Blockchain Associations: “We urge you to support the passage of FIT21. Doing so will signal to constituents and the international community alike that the U.S. government is committed to fostering innovation, enhancing efficiency, and ensuring the integrity of its financial systems through the adoption of advanced digital technologies with products like digital assets and networks.” Comprehensive list of stakeholders supporting H.R. 4763: ### |