WASHINGTON – Barbara Comstock, Executive Director of the American Consumer & Investor Institute, released the following statement today urging House passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act. The legislation, led by House Financial Services Committee Chairman Patrick McHenry (N.C.), House Agriculture Committee Chairman Glenn “GT” Thompson (Pa.), House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion Chairman French Hill (Ark.), and House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson (Ala.), establishes a regulatory framework for digital assets.
“Millions of Americans already own digital assets and millions more plan to buy them in the future. These products will continue reshaping the financial landscape, particularly for younger people. The FIT21 Act provides a commonsense regulatory framework that will protect consumers while promoting U.S. innovation and competitiveness in the global digital asset marketplace.
“U.S. Securities and Exchange Commission Chairman Gary Gensler has clearly signaled his hostility toward cryptocurrencies. Congress must legislate rather than allow Gensler to regulate an end to innovation in the digital asset sector through arbitrary enforcement actions. Thanks to the leadership of Chairmen Patrick McHenry and GT Thompson, and Subcommittee Chairmen French Hill and Dusty Johnson, the House will have an opportunity to protect access to digital assets for American investors. This legislation has been thoughtfully crafted and thoroughly considered, and deserves the full support of the House.”
ACII recently supported a resolution in the House and Senate that would overturn the SEC’s Staff Accounting Bulletin 121, citing the harmful impact it would have on banks and financial institutions that provide digital asset custody services.
