The Digital Chamber is pleased to see H.R. 4763, the Financial Innovation and Technology (FIT) for the 21st Century Act has successfully passed the House with a vote of 279-136 and is now advancing to the Senate.  

The current regulatory environment in the U.S. has created uncertainty, driving businesses overseas, stifling innovation, and resulting in a loss of jobs and investment. This lack of regulatory clarity has allowed other jurisdictions to advance significantly in creating guidelines, leaving the U.S. behind. Addressing these issues, the FIT for the 21st Century Act establishes clear guidelines for the classification, trading, and regulation of digital assets while preserving and strengthening consumer protection.   

The passage of this bill is the result of over four years of dedicated policy work. The Digital Chamber has been instrumental in advancing this legislation through several key strategies: 

  • Policy Development: Since 2020, we have worked with Congressional stakeholders to create comprehensive market structure legislation, initially introduced as the “Digital Commodity Exchange Act” in 2020.  
  • Industry Engagement: We have collaborated with over 200 digital asset businesses over four years to weigh in on the legislative text, playing a key role in ensuring the bill promotes market integrity, protects consumers, and reduces the risk of fraud and manipulation. 
  • Advocacy: The Digital Chamber has reached all 535 Members of Congress, urging the support of market structure legislation passage.  

The Digital Chamber’s Founder and CEO, Perianne Boring, said the following passage: 

“We are proud to see the FIT for the 21st Century Act passed with overwhelming bipartisan support. Today’s vote was not about the merits of crypto but instead was about acknowledging the need to create a safe market and trading environment for the over 50 million Americans using digital assets today.” 

We thank Congressmen G.T. Thompson (R-PA), French Hill (R-AR), Dusty Johnson (R-SD), Warren Davidson (R-OH) and Tom Emmer (R-MN) for their leadership and the leadership of the congressional staff who worked tirelessly to craft rules of the road for digital asset market participants, without compromising consumer protection.  

The Digital Chamber is committed to advocating for and educating about the FIT for the 21st Century Act as it moves to the U.S. Senate. Our goal is to see this pivotal legislation reach President Biden’s desk for signature.  

But, we still need your help. Here’s how you can take action:  
Call your Senator today at (202) 224-3121 and urge them to pass the FIT for the 21st Century Act. By taking this simple step, you’ll advocate for a brighter future for consumer protection, innovation, and job creation in the U.S. 

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