Financial Innovation and Technology for the 21st Century Act

The Financial Innovation and Technology for the 21st Century Act, also known as H.R. 4763, is a proposed legislative measure in the United States aimed at fostering financial innovation and technology advancements in the 21st century. The bill aims to create an environment conducive to the development and adoption of modern financial technologies while ensuring consumer protection and regulatory clarity. [1]


Passed on July 26, 2023, and represented by French Hill, The Financial Innovation and Technology for the 21st Century Act seeks to address the evolving landscape of financial technology and innovation. It aims to facilitate the growth and integration of modern financial technologies into the traditional financial system, encouraging advancements that can improve efficiency, accessibility, and inclusivity. [1]


Promoting Financial Innovation

The Act aims to foster financial innovation by providing a regulatory framework that encourages the development and adoption of new technologies in the financial sector. By creating a supportive environment for financial technology startups and companies, the bill seeks to drive advancements in areas such as blockchain, digital currencies, and decentralized finance. [3]

Enhancing Regulatory Clarity

One of the primary goals of the Act is to provide regulatory clarity for financial technology firms and innovators. The legislation aims to establish clear guidelines and rules, enabling these entities to operate within a well-defined framework without unnecessary legal ambiguity. Regulatory certainty can bolster investor confidence and encourage responsible innovation. [3]

Consumer Protection Measures

While promoting financial innovation, the Act places a strong emphasis on consumer protection. The legislation aims to ensure that new financial technologies and services prioritize the safety and security of consumers. Striking a balance between innovation and safeguarding consumers' interests is a core principle of the bill. [3]

Fostering Financial Inclusion

The Act recognizes the potential of financial technology to enhance financial inclusion. By fostering the development of innovative, accessible, and user-friendly financial products and services, the bill aims to extend financial services to underserved and unbanked populations, thereby promoting greater financial inclusion. [3]

Advancing Digital Payments

Another key aspect of the Act is the promotion of digital payments. The legislation aims to facilitate the adoption of digital payment methods and systems, encouraging efficiency, security, and ease of transactions in the modern financial landscape. [3]

Collaboration and Research

The Act seeks to encourage collaboration between the public and private sectors and supports research and development initiatives related to financial technology. By fostering partnerships and knowledge-sharing, the legislation aims to create a robust ecosystem for financial innovation. [3]

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Financial Innovation and Technology for the 21st Century Act

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July 27, 2023


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