Congresswoman Yadira Caraveo, MD (D, CO-08), Ranking Member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee, voted for the bipartisan Financial Innovation and Technology for the 21st Century (FIT 21) Act, a comprehensive proposal to build a clear regulatory framework over digital asset markets.
The FIT 21 Act establishes guidelines that will enable domestic digital assets markets to innovate while protecting consumers and America’s national security. Among other provisions, FIT 21 defines how the CFTC and SEC will work together to regulate digital assets, introduces disclosure requirements for digital asset developers, and enhances rules to protect crypto markets.
“The FIT 21 Act would ensure that America remains the global headquarters of the emerging digital asset industry,” said Congresswoman Caraveo. “By providing this fast-growing industry with a clear regulatory structure and modernizing federal government oversight of digital assets, we can ensure that America remains a beacon of innovation and progress while protecting consumers from bad actors.”
Key provisions in the FIT 21 Act include:
- Specifying that digital commodities are under the jurisdiction of the CFTC while restricted digital assets are under the jurisdiction of the SEC;
- Requiring disclosures from digital asset developers and digital asset firms that serve customers;
- Ensuring all digital assets meet transparency and compliance standards to deter illicit financing, money laundering, and other financial crimes; and
- Requiring centralized intermediaries to follow the same rules as banks and report suspicious and criminal activity.
Watch Congresswoman Caraveo’s floor speech on the bill here.
Read the full text of the legislation here.
Congresswoman Dr. Caraveo is a first generation American whose parents immigrated to Colorado from Chihuahua. She has served Colorado families as a pediatrician for over a decade and as a member of the state House. She is now the first Latina congressperson in Colorado’s history and the first representative of CO-08, Colorado’s newest congressional seat. She serves on the House Agriculture and House Science, Space, & Technology Committees.