71 House Democrats joined 208 House Republicans today in passing H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21). The legislation creates new consumer protections and divides oversight of the digital assets industry between the CFTC and the SEC. Today’s floor vote marks the first time a full chamber of Congress has advanced legislation creating a framework for regulating digital assets.

“This bill strengthens consumer protections, promotes financial inclusion, and positions the U.S. as a regulatory leader in the digital assets industry,” said Kyle Bligen, Director of Financial Policy at Chamber of Progress. “It provides exactly what many Democrats want for crypto, which is more regulation to protect consumers. Now, it’s up to the Senate to make these consumer safeguards a reality.”

FIT21 clarifies the authority of the CFTC and SEC, giving them joint oversight over all digital assets. The bill empowers the two agencies to issue joint rulemakings, improve market safety, and ensure consumer protection. Earlier this month, FIT21 passed out of the House Financial Services Committee with bipartisan support and the Agriculture Committee in a unanimous vote. 

Last week, Chamber of Progress joined a nationwide coalition of advocates calling on House leaders to support the passage of FIT21. For more information on FIT21’s impacts, see Chamber of Progress’s one-pager on the bill or read Bligen’s recent blog, Four Reasons Why Democrats Should Support The “FIT21” Crypto Bill.

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Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.

Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.