{"database": "press", "table": "releases", "rows": [["https://dustyjohnson.house.gov/media/press-releases/johnsons-digital-asset-framework-legislation-passes-house", "Johnson\u2019s Digital Asset Framework Legislation Passes House", "2024-05-22", "2024", "2024-05", "Republican", "House", "SD", "Dusty Johnson", "J000301", "dustyjohnson.house.gov", "dustyjohnson", "https://dustyjohnson.house.gov/media/press-releases", "scraper", "Washington, D.C. \u2013 Today, legislation led by U.S. Representatives Dusty Johnson (R-S.D.), House Agriculture Committee Chairman Glenn \u201cGT\u201d Thompson (R-PA), House Financial Services Committee Chairman Patrick McHenry (R-NC), and French Hill (R-AR) passed the House with bipartisan support. The Financial Innovation and Technology for the 21st Century (FIT21) Act is the result of unprecedented committee collaboration and is the most substantial piece of digital asset legislation in the history of Congress.\n\n\u201cHouse passage of FIT21 is necessary to bring stability and clarity to the digital assets ecosystem,\u201d said Johnson. \u201cWithout this bill, digital asset innovation will continue to be filled with uncertainty. Today\u2019s victory gets us one step closer to establishing clear rules of the road for developers in the industry so America can remain a global hub for tech and finance innovation. I hope the Senate considers this bill soon so we can finalize this essential framework.\u201d\n\n\u201cClarity in digital assets is crucial. Today\u2019s bipartisan passage of the Financial Innovation and Technology for the 21st Century Act is a significant milestone. It underscores the House Committees on Agriculture and Financial Services\u2019 efforts to establish a much-needed regulatory framework,\u201d saidChairman Thompson (R-PA). \u201cThis framework is designed to protect consumers and investors while fostering American leadership in the digital asset space. I extend my thanks to Chairman McHenry for his leadership and that of our subcommittee chairs, Rep. Johnson and Rep. Hill, in moving this legislation.\u201d\n\n\u201cToday, the House took a historic step by passing FIT21 with broad, bipartisan support,\u201d said Chairman Patrick McHenry (R-NC). \u201cFIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States. The bill also ensures America leads the financial system of the future and remains a hub for technological innovation. I appreciate the partnership of Chairman Thompson, as well as Congressmen French Hill and Dusty Johnson. This landmark initiative would not be possible without their steadfast leadership. The overwhelming support for FIT21 in the House should serve as a wakeup call to the Senate and this Administration. They must come to the table to ensure the Americans who engage with digital assets can do so safely.\u201d\n\n\u201cToday is a historic day for American consumers, investors, and innovators. I applaud the House\u2019s bipartisan passage of FIT21, which crafts a \u2018fit for purpose\u2019 regulatory framework for digital assets that protects consumers and investors while securing the United States as a leader in blockchain innovation. As FTX\u2019s collapse showed, we need a functional regulatory framework in place to create consumer protections that currently do not exist, while ensuring America is a leader in the digital asset market,\u201d said Rep. French Hill (R-AR). \u201cThis legislation passed in a bipartisan manner, signaling that consumer protection and American innovation are priorities for lawmakers on both sides of the aisle. I thank House Financial Services Chairman Patrick McHenry, House Agriculture Committee Chairman G.T. Thompson, and Agriculture Subcommittee Chairman Dusty Johnson for their outstanding leadership and collaboration on this bill, and I applaud each member of our committees who worked tirelessly to move this landmark legislation across the House Floor. FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress, and I remain committed to pushing this legislation forward until it becomes law.\u201d\n\nCurrently, there is a gray area between commodity and security jurisdictions for digital assets. This has left the Commodity Futures Trading Commission without the proper tools to offer consumer protections and oversight. This lack of clarity has resulted in the Securities and Exchange Commission\u2019s (SEC) rule-by-enforcement regime for digital asset developers, stifling innovation and potentially pushing developers to innovate overseas to countries that have already established a framework.\n\nThe House Financial Services Committee and House Agriculture Committee passed FIT21 in July 2023 through bipartisan votes. Johnson introduced a resolution in July 2023 expressing support for digital asset markets and blockchain technology. The resolution addresses the need for a functional framework to bridge the gap in regulatory framework.\n\nClick here to read Reps. Johnson and Hill\u2019s FIT21 joint op-ed that was published in the Washington Times.\n\nFIT21 will protect consumers by strengthening transparency and accountability with market participants:\n\nDigital asset developers will be required to provide accurate, relevant disclosures, including information relating to the digital asset project\u2019s operation, ownership, and structure; and\n\nDigital asset customer-serving institutions, like exchanges, brokers, and dealers will be required to:\n\nProvide appropriate disclosures to customers;\n\nSegregate customer funds from their own; and\n\nReduce conflicts of interest through registration, disclosure, and operational requirements.\n\nFIT21 will strengthen the market by protecting digital asset projects:\n\nDigital asset developers will have a pathway to raise funds; and\n\nParticipants will have a clear process to determine which digital asset transactions are subject to the SEC\u2019s jurisdiction and the CFTC\u2019s jurisdiction.\n\nFIT21 will protect digital asset customer-serving institutions by:\n\nEstablishing clear lines between the SEC and CFTC; and\n\nCreating comprehensive registration regimes to permit them to lawfully serve customers in digital asset markets.\n\nAdditional Resources:\n\nFinancial Innovation and Technology for the 21st Century (FIT21) Act:\n\nFor full bill text, click here.\n\nFor a one-pager, click here.\n\nJohnson\u2019s Resolution:", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:12:30Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://dustyjohnson.house.gov/media/press-releases/johnsons-digital-asset-framework-legislation-passes-house"], "units": {}, "query_ms": 0.7440692279487848, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}