The U.S. House of Representatives has passed H.R. 4763, the “Financial Innovation and Technology for the 21st Century Act” (FIT21), which takes a look at the digital asset ecosystem.
Rep. Patrick McHenry (N.C.), chairman of the Financial Services Committee, said, “FIT21 provides the robust, time-tested consumer protections and regulatory certainty necessary to allow digital asset innovation to flourish in the United States.”
FIT21 gives the Commodity Futures Trading Commission (CFTC) new jurisdiction over digital commodities and clarifies the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets offered as part of an investment contract.
The bill also creates a process to permit the secondary market trading of digital commodities if they were initially offered as part of an investment contract and imposes comprehensive customer disclosure, asset safeguarding, and operational requirements on all entities required to be r
