FIT Act: Digital Asset Legislation Moves Out of Committee, Ready for House Vote

The Financial Innovation and Technology for the 21st Century Act (FIT Act), comprehensive legislation designed to create a new regulatory approach for digital assets, was approved by the House Financial Services Committee today. The legislation is now ready for a potential floor vote of the full House.

This legislation was joined by several other bills that may now move forward in the approval process.

The six bills are as follows:

  • H.R. 4763, the “Financial Innovation and Technology for the 21st Century Act,” sponsored by Rep. French Hill, creates a comprehensive regulatory framework for the issuance and trading of digital assets at the SEC and the CFTC. It also provides clarity on which digital assets are regulated by each agency to allow innovators to build and develop new products with confidence, while also securing key consumer protections for purchasers of digital assets.
  • H.R. 1747, the “Blockchain Regulatory Certainty Act,” offered by Rep. Tom Emmer, provides that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law.
  • H.R. 2969, the “Financial Technology Protection Act of 2023,” offered by Rep. Zach Nunn, establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing under the Department of Treasury. It also encourages public-private sector partnership in examining issues surrounding illicit finance in the digital asset ecosystem.
  • H.R. 4768, the “No Russian Agriculture Act,” offered by Rep. Maxine Waters, directs the U.S. Executive Directors of the International Financial Institutions to use its voice, vote, and influence to encourage the International Financial Institutions to invest in projects that decrease reliance on Russia for agricultural commodities.
  • H.R. 4765, the “Exposing China’s Support for the Taliban Act,” offered by Rep. Stephen Lynch, requires Treasury to carry out a study and brief Congress on the financial activities of China and Chinese entities in connection with the finances of Afghanistan and the Taliban, including activities that support illicit financial networks.
  • H.R. 3244, the “Stop Fentanyl Money Laundering Act of 2023,” offered by Rep. Blaine Luetkemeyer, provides authority to the Secretary of the Treasury to take special measures to thwart money laundering in connection with illicit fentanyl and narcotics financing. It also alters suspicious activity reports to make it easier for law enforcement to identify illegal narcotics trafficking.

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