Political Quotes

“Mr. Chair, I rise in favor of the Financial Innovation and Technology for the 21st Century Act, which establishes a much- needed regulatory framework for digital assets. Currently, the lack of clear direction from Congress, combined with broad definitions of securities and commodities, has allowed the SEC to insert itself into the regulation of cryptocurrency. This has created uncertainty and hindered innovation. Meanwhile, other countries like Singapore, UAE, and even China have capitalized on our unclear regulatory environment. They have developed their own framework, positioning themselves as hubs for the digital asset ecosystem. I believe the United States, and particularly Utah's Silicon Slopes, which boasts a growing and thriving blockchain industry, should be the global center for digital assets. This bill creates an appropriate framework for cryptocurrency regulation that fosters innovation and ensures U.S. leadership in blockchain technology while also protecting against bad actors like FTX. The Financial Innovation and Technology for the 21st Century Act realigns the SEC with its appropriate regulatory role and designates the Commodity Futures Trading Commission as the primary regulator of cryptocurrency as a commodity. It also clarifies the SEC's role in regulating digital assets.”