Financial Innovation and Technology for the 21st Century Act

Floor Speech

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Mrs. RODGERS of Washington. Mr. Chairman, will the gentleman yield?

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Mrs. RODGERS of Washington. Mr. Chairman, I rise in support of H.R. 4763.

Blockchains are a new foundational technology that will reshape our daily lives. Through innovative design approaches, blockchains can be used in all kinds of applications, like tracking products through supply chains or facilitating the tokenization of financial assets.

Unfortunately, many American innovators are being pushed abroad by overzealous regulators. According to a report by Electric Capital, the U.S. share of blockchain developers has declined from 40 percent in 2017 to 29 percent in 2022.

I am excited about this legislation providing clear rules of the road. This is a clear complement to some of the work that we have been doing in the Energy and Commerce Committee to ensure American leadership in blockchain technology.

I will clarify some of the nonfinancial applications and uses that may be unintentionally captured by the bill.

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Mrs. RODGERS of Washington. Mr. Chairman, I thank the gentleman for yielding time.

Based on conversations I have had, it is my understanding that the intent of this bill is to ensure that the current authority over certain restricted digital asset transactions remains with the SEC and that the CFTC would only be authorized to regulate certain intermediaries in spot digital commodity markets. Is this correct?

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Mrs. RODGERS of Washington. Can the gentleman clarify the intent when it comes to exclusive jurisdiction of the CFTC and how this would impact the current protections for Americans against fraud and market manipulation?

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Mrs. RODGERS of Washington. Mr. Chairman, I thank Chairman Thompson, Chairman McHenry, and Representative Hill for the clarification and for all of their work.

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