Congressman Gerry Connolly (D-VA), Ranking Member of the House Subcommittee on Cybersecurity, Information Technology, and Government Innovation, recently issued a statement regarding the Financial Innovation and Technology for the 21st Century Act. He emphasized the importance of having a strong regulatory framework in place for digital assets to promote investment and innovation while safeguarding the public from risks such as volatility, abuse, and fraud present in the crypto industry.
Connolly expressed concerns about the missed opportunity of the Act to address the need for stability in an industry characterized by speculation and the collapse of major players. He criticized the self-certification of compliance, regulatory exemptions from established securities laws, and relaxed consumer protection measures included in the legislation. He argued that these provisions do not align with the high standards of U.S. leadership in the global financial system.
In summary, Congressman Gerry Connolly highlighted the necessity of comprehensive regulations for digital assets to foster a secure environment for investment and innovation while protecting consumers from potential risks. He urged for a more robust approach that upholds the standards of U.S. leadership in the global financial system.