Representative Maxine Waters, speaking before the Financial Services Committee Markup on H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), said the following: "...This bill heeds the calls from the crypto industry while disregarding the views of the Administration, the Securities and Exchange Commission, and consumer and investor advocates. As I have said before, we don’t need to invent new regulatory structures simply because crypto companies refuse to follow rules of the road. Our securities laws have protected investors and retirees for 90 years while supporting capital formation and facilitating innovation. Crypto firms should follow the law, and we should address the narrow gaps identified by the Financial Stability Oversight Council, the SEC, and the GAO..."
Representative Maxine Waters voted against advancing H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, out of the House Financial Services Committee. The recorded vote showed 35 ayes to 15 nays.
H.R. 4763, the Financial Innovation and Technology for the 21st Century Act is a comprehensive market structure bill that would protect consumers, ensure crypto companies have robust rules, and create clarity for job creators and blockchain builders.