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Molinaro-Backed Digital Assets Bill Advances to House Floor

Historic Legislation Establishes Clear Regulatory Framework for Digital Asset Companies, Protects Consumers, and Encourages Innovators to Invest & Create Jobs in the United States

Washington, DC – U.S. Rep. Marc Molinaro (NY-19), a Member of the Subcommittee on Digital Assets, today announced the Financial Innovation and Technology for the 21st Century Act was voted out of the House Agriculture Committee and will advance to the House Floor. Rep. Molinaro is a cosponsor of this bill.

Watch Rep. Molinaro speak on the bill here.        

The United States currently lacks a clear regulatory framework for digital asset companies to abide by. Without clear direction from Congress, the Securities and Exchange Commission (SEC) has started actively policing leaders in the digital assets market like Coinbase and Ripple. Underscoring the urgent need for legal clarity from Congress, the Southern District of New York rejected the SEC’s approach on digital assets, ruling that Ripple did not violate securities laws. Due to this regulatory uncertainty, entrepreneurs have warned against doing business in the United States as the European Union and United Kingdom have taken steps to establish their own digital asset frameworks to attract these innovators.

The Financial Innovation and Technology for the 21st Century Act will establish a regulatory structure for digital assets within the existing authorities of the SEC and the Commodity Futures Trading Commission (CFTC). The legislation establishes important definitions needed for regulatory clarity, creates a clear registration process at both the SEC and CFTC for digital asset market participants, and provides the CFTC with spot market authority over decentralized tokens that do not meet the definition of a security.

For a detailed summary of the bill, click here.

Rep. Molinaro said, “When it comes to engaging on emerging technology, Congress is often late to the party. We can’t let that happen with digital assets. Without a clear federal regulatory framework, innovative companies will be incentivized to move their operations and jobs to countries they can count on. This historic legislation is the most comprehensive effort yet to establish a regulatory framework for digital assets in the United States. It will encourage companies to invest here, and better protect the millions of consumers that are already investing in this technology. I’m proud to be a part of this step forward.”