Johnson Bills Bring Clarity to Cryptocurrency

Washington, D.C. – Today, House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson (R-S.D.), Financial Services Subcommittee on Digital Assets Chairman French Hill (R-AR), and Agriculture Committee Chairman Glenn “GT” Thompson (R-PA) introduced legislation to bring clarity and consistency to the digital assets market. With clear guidelines, digital asset developers can innovate and advance currency by sticking to the rules without the fear of lawsuits by regulators.

The Financial Innovation and Technology (FIT) for the 21st Century Actprovides a structure for Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) regulators for digital assets, including those in the gray area between security and commodity jurisdictions.

Johnson also introduced a resolution expressing support for digital asset markets and blockchain technology. It addresses the need for the functional framework to bridge the gap in regulatory framework.

“The digital asset space is muddled with regulatory uncertainty, lack of authority, and a lacking framework for core operating principles,” said Johnson. “The crypto industry wants clarity, and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as blockchain technology continues to innovate.”

Additional Resources:

Financial Innovation and Technology (FIT) for the 21st Century Act:

• For full bill text, click here.
• For a section-by-section summary, click here.
• For additional background, click here.
• For a myth vs. fact breakdown, click here.

Johnson Resolution

• For full bill text, click here.