Johnston Reporter

On July 26, 2023, U.S. Congressman Wiley Nickel (NC-13), a member of the Subcommittee on Digital Assets, played a critical role in advancing bipartisan digital asset legislation through the House Financial Services Committee, successfully negotiating wins for North Carolinians in the final bill.

The bipartisan Financial Innovation and Technology (FIT) for the 21st Century Act creates a regulatory framework for digital assets designed to protect consumers and encourage innovation. 

Congressman Nickel worked with Financial Services Committee Chair Patrick McHenry (NC-10) and Chair of the Subcommittee on Digital Assets French Hill (AR-02) to secure important provisions to safeguard consumers, promote innovation, advance U.S. national security, and authorize additional funding for effective implementation of this legislation. 

The bipartisan FIT for the 21st Century Act also includes an amendment introduced by Congressman Nickel and supported by Financial Services Committee Chair Patrick McHenry and Ranking Member Maxine Waters expressing the sense of Congress that the US should seek to foster advances in blockchain technology to improve our financial system and create more fair and equitable access to financial services for everyday Americans. 

“Whether you love crypto or hate crypto, we need to pass legislation to regulate this industry. The status quo just isn’t working, and we can’t wait until the next crisis to take action,” said Congressman Wiley Nickel. “This landmark legislation is the product of bipartisan collaboration and compromise, and I was proud to work with Chair Patrick McHenry and Digital Assets Chair French Hill to get this through the House Financial Services Committee.”

Original source can be found here.