Prevent Bureaucrat Control of Cryptocurrencies

This week, the House is expected to vote on Financial Innovation and Technology for the 21st Century Act – or FIT21 (H.R. 4763). H.R. 4763 is an important step to provide regulatory clarity and prevent unelected bureaucrats from exercising unilateral control over cryptocurrencies.

A cryptocurrency is a privately sponsored and operated form of money that is not supplied by the government – a familiar one is Bitcoin, which has been traded for years. Both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have failed to provide clear rules for digital assets.

They have had more than a decade to promulgate rules governing digital assets, but instead both agencies have chosen regulation by enforcement—leaving Americans guessing what the rules are. Heritage Action supports H.R. 4763 – Sentinels should urge their representative to vote YES.