On May 22, the House voted 279-136 to pass H.R. 4763 – Financial Innovation and Technology for the 21st Century Act (FIT 21). 208 Republicans and 71 Democrats voted for the bill. One amendment put forward by House Ag Committee Chairman GT Thompson (R-PA) was adopted in yesterday’s House Rules Committee meeting and three of the four amendments proposed were adopted in addition. FIT 21 will now be reported out of the House.
AMENDMENTS TO HR 4763
Adopted & Accepted Amendments:
- House Ag Chairman GT Thompson’s (R-PA) Amendment: This amendment requires fees during the period when entities may file a notice of intent to register as a digital commodity exchange, broker, or dealer to be set by the appropriator.
- Representative Brittany Pettersen’s (D-CO) Amendment: This amendment would clarify the application of the Bank Secrecy Act (BSA) to digital asset and digital commodity entities and requires a Government Accountability Office (GAO) study on risks posed by centralized intermediaries that are primarily located in foreign jurisdictions without regulatory requirements similar to those of the BSA.
- Representative Scott Perry’s (R-PA) Amendment: This amendment adds a sense of Congress to the end of Title V that nothing in this Act or any amendment made by this Act should be interpreted to authorize any entity to regulate any commodity, other than a digital commodity, on any spot market.
- Representative Ralph Norman’s (R-SC) Amendment: This amendment requires a study on the impact of digital asset registrants owned by foreign adversaries.