Rep. Schiff on House Passage of the Bipartisan Financial Innovation and Technology Act of the 21st Century
Washington, D.C.– Today, Representative Adam Schiff (D-Calif.) released the following statement on House passage of the bipartisan Financial Innovation and Technology Act of the 21st Century:
“For too long, Congress has failed to establish a clear, regulatory framework for digital assets that provides the transparency and accountability needed to protect consumers, foster innovation, keep jobs in California, and strengthen our national security. In the absence of federal rules of the road, these companies and jobs are moving overseas where they often face less scrutiny. We should be fighting to keep them here and seeking to create more opportunities for entrepreneurship in California — not driving them away and creating a regulatory gap.
“This bill is a good first step towards creating a framework that will help safeguard consumers and their investments, provide the tools needed to go after bad actors, and ensure that the United States not only beats its competitors but continues to lead the way in fostering the entrepreneurial and digital economies. I’ll continue to work with my colleagues on both sides of the aisle to build on this framework, enhance consumer protections even further, and encourage the responsible growth of this industry.”
Background:
In the House, Schiff has championed consumer protection legislation while also advancing efforts that promote innovation and bolster our national security. Last year, Schiff introduced the Deliver Executive Profits on Seized Institutions to Taxpayers Act in response to the Silicon Valley Bank collapse – the second largest bank failure in American history – to ensure executives are held accountable after bank mismanagement.
As former chairman of the House Permanent Select Committee on Intelligence, Schiff engaged with the national security and the intelligence community on anti-money laundering issues, particularly as it related to nation-state and terrorist organization actors that sought to evade traditional tools to advance malign goals.
###