Should we provide a legal framework for selling digital assets?

Economy and Taxation Science and Technology
Financial Innovation and Technology for the 21st Century Act (H.R. 4763)
This bill has Passed the House of Representatives
Bill Summary

H.R. 4763 seeks to streamline the regulatory processes for the production and sale of digital assets, such as music, videos, cryptocurrency, NFTs, and other digital commodities. In particular, this bill would provide for producers to securely and legally sell digital assets in a similar manner to traditional commerce while also providing for consumer safety and requiring public disclosure of certain information from sellers. Sponsor: Rep. Glenn Thompson (Republican, Pennsylvania, District 15)
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Opponents say

 •    "Yet, a concentrated lobbying effort by the crypto industry has moved this Committee to advance a potentially radical proposal – and pass it through committee before August recess – that would, in the name of “crypto innovation,” weaken consumer and investor protections for both traditional and crypto investors. It would also broadly reshape financial regulatory agencies’ jurisdictions and weaken regulatory oversight of financial products and services writ large… Instead of pursuing this ill-advised proposal, the best immediate step Congress could take to protect consumers who choose to participate in crypto markets would be to support regulators' ongoing efforts to enforce existing rules – the very basic elements of securities and banking regulation which provide the foundation for consumer and investor protections in the financial regulatory realm." Source: 22 interest groups in a joint letter to Congress

Proponents say

 •    "Today's introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space… Over the past several months, our teams solicited extensive feedback from stakeholder and market participants, and worked diligently to produce a legislative product that aims to close existing authority gaps, ensuring U.S. leadership in financial and technological innovation. I thank Chairman McHenry for his leadership and that of our subcommittee chairs in moving this legislation to this stage." Source: Rep. Glenn Thompson (Republican, Pennsylvania, District 15)


 •    "After listening to members on both sides of the aisle, the Biden Administration, and stakeholders, the House Committees on Financial Services and Agriculture are introducing landmark legislation today to establish a functional regulatory framework that will protect consumers and keep innovation in the United States… This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants. I look forward to this historic legislation being considered in both the House Committees on Financial Services and Agriculture next week." Source: Rep. French Hill (Republican, Arkansas, District 2)


 •    "Congratulations to Chairman Thompson, Rep. Hill and Rep. Johnson on their hard work on this bill and their bipartisan efforts… This bill is a massive step forward for the digital asset industry and we look forward to making sure this bill continues to stay true to its intension (sic) and benefit the digital asset industry." Source: Chamber of Digital Commerce

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