Washington,
July 26, 2023 -

As we speak, the Home Monetary Companies Committee handed six items of laws out of Committee—lots of which acquired bipartisan assist—that present strong shopper protections and legislative readability for the digital asset ecosystem, in addition to shield our nationwide safety. Included amongst this laws is the FIT for the 21^st Century Act, an unprecedented joint effort to carry digital property into the regulatory perimeter, a historic step for American innovation and shopper safety.

Extra info on all 6 payments reported out of the Monetary Companies Committee may be discovered under together with Member remarks in assist of their laws:

H.R. 4763, the “Financial Innovation and Technology for the 21^st Century Act,” sponsored by Rep. French Hill (AR-02), creates a complete regulatory framework for the issuance and buying and selling of digital property on the SEC and the CFTC. It additionally offers readability on which digital property are regulated by every company to permit innovators to construct and develop new merchandise with confidence, whereas additionally securing key shopper protections for purchasers of digital property.

Watch Rep. Hill’s remarks in assist of H.R. 4763 right here or by clicking the picture above.

H.R. 1747, the “Blockchain Regulatory Certainty Act,” supplied by Rep. Tom Emmer (MN-06), offers that blockchain builders and suppliers of blockchain companies that don’t take management of shopper funds are usually not deemed monetary establishments or cash service companies beneath the legislation.

Watch Rep. Emmer’s remarks in assist of H.R. 1747 right here or by clicking the picture above.

H.R. 2969, the “Financial Technology Protection Act of 2023,” supplied by Rep. Zach Nunn (IA-03), establishes the Unbiased Monetary Expertise Working Group to Fight Terrorism and Illicit Financing beneath the Division of Treasury. It additionally encourages public-private sector partnership in inspecting points surrounding illicit finance within the digital asset ecosystem.

Watch Rep. Nunn’s remarks in assist of H.R. 2969 right here or by clicking the picture above.

H.R. 4768, the “No Russian Agriculture Act,” supplied by Rep. Maxine Waters (CA-43), directs the U.S. Government Administrators of the Worldwide Monetary Establishments to make use of its voice, vote, and affect to encourage the Worldwide Monetary Establishments to put money into initiatives that lower reliance on Russia for agricultural commodities. 

Watch Rep. Waters’ remarks in assist of H.R. 4768 right here or by clicking the picture above.

H.R. 4765, the “Exposing China’s Support for the Taliban Act,” supplied by Rep. Stephen Lynch (MA-08), requires Treasury to hold out a research and temporary Congress on the monetary actions of China and Chinese language entities in reference to the funds of Afghanistan and the Taliban, together with actions that assist illicit monetary networks.

Watch Rep. Lynch’s remarks in assist of H.R. 4765 right here or by clicking the picture above.

H.R. 3244, the “Stop Fentanyl Money Laundering Act of 2023,” supplied by Rep. Blaine Luetkemeyer (MO-03), offers authority to the Secretary of the Treasury to take particular measures to thwart cash laundering in reference to illicit fentanyl and narcotics financing. It additionally alters suspicious exercise experiences to make it simpler for legislation enforcement to determine unlawful narcotics trafficking.

 Watch Rep. Luetkemeyer’s remarks in assist of H.R. 3244 right here or by clicking the picture above.