Congressman Gerry Connolly, the Ranking Member of the House Subcommittee on Cybersecurity, Information Technology, and Government Innovation, issued a statement regarding the upcoming House vote on the Financial Innovation and Technology for the 21st Century Act. In his statement, Congressman Connolly emphasized the need for a strong regulatory framework for digital assets. He stressed that spurring investment and innovation while protecting the public from volatility, abuse, and fraud in cryptocurrency is essential.
In his critique of the Financial Innovation and Technology for the 21st Century Act, Congressman Connolly expressed disappointment that it fails to achieve stability in an industry characterized by speculation and major player collapses. He criticized self-certification of compliance and regulatory carveouts from existing securities laws included in the bill as well as relaxed consumer protection measures.
Overall, Congressman Connolly believes that implementing robust regulatory measures that prioritize both innovation and public protection in digital assets is crucial to meeting U.S leadership’s high standard in global financial systems.