RELEASE: House Pass Approves Bipartisan Gottheimer-led Legislation to Modernize Crypto Regulations and Consumer Protections

Above: Gottheimer upstairs in the house.

WASHINGTON – Today, Wednesday, May 22, 2024, the Financial Innovation and Technology for the 21st Century Act (FIT21), which U.S. Congressman Gottheimer helped negotiate in the Financial Services Committee, passed the House with bipartisan support. This bipartisan legislation clarifies regulation of digital assets, strengthens consumer protections, and ensures America continues to lead in innovative technologies.

FIT21 contains important provisions for investors regarding transparency and asset protection. It also clarifies and eliminates redundancy between the two leading U.S. financial technology regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), so regulators can more effectively conduct oversight. Finally, the bipartisan legislation encourages the cryptocurrency industry to invest and create jobs in the United States, which has a stronger consumer protection barrier, rather than outsourcing abroad. The bill passed the House by a vote of 279 to 136.

You can find a video of Gottheimer’s remarks on the House floor Here.

“My state, New Jersey, ranks second in the nation for cryptocurrency ownership. The key is to make sure we protect the Americans who own it and to make sure we recognize the economic and employment potential it has to offer,” he added. said Congressman Josh Gottheimer (NJ-5). “For this, we need road rules that guide entrepreneurs, encourage innovators and protect consumers. This bill provides protection for the 21st century.”

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