House Committee addresses digital asset regulation amid bipartisan support for Clarity Act
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The U.S. House Committee on Financial Services convened on June 7, 2025, for a continuation of its hearing titled "American Innovation, the Future of Digital Assets from Blueprint to Functional Network." The session focused on advancing legislation aimed at establishing a regulatory framework for digital assets, a topic that has garnered bipartisan interest.
Chairman Hill opened the meeting by emphasizing the committee's ongoing efforts to create meaningful market structure legislation for digital assets. He highlighted the passage of the FIT 21 bill last year, which received support from both parties, and underscored the importance of the Clarity Act, which aims to provide clear rules for digital asset companies. Hill noted that the current lack of federal regulation for non-security digital assets has left the industry operating under an unclear regime, which he attributed to the previous administration's approach to regulation.
The Chairman expressed frustration over the stalled progress on digital asset legislation, particularly under the Biden administration and former SEC Chair Gary Gensler. He pointed out that despite an executive order from the administration urging Congress to act on stable coins and market structure, regulatory clarity has not been achieved. Hill called for a collaborative effort to bring clarity to the digital asset industry, ensuring that all participants adhere to established anti-money laundering and fraud prevention rules.
Ranking Member Waters also addressed the committee, explaining the significance of "minority day," which is organized by the opposing party to provide additional information and clarify the committee's direction. She expressed her satisfaction with the Chairman's presence, indicating a willingness to engage in discussions that may not have been fully explored in previous hearings.
The hearing reflects a critical moment for digital asset regulation in the U.S., as lawmakers seek to establish a framework that protects consumers and fosters innovation in the financial markets. The committee's ongoing discussions and proposed legislation could shape the future of digital assets and their role in the economy.
Chairman Hill opened the meeting by emphasizing the committee's ongoing efforts to create meaningful market structure legislation for digital assets. He highlighted the passage of the FIT 21 bill last year, which received support from both parties, and underscored the importance of the Clarity Act, which aims to provide clear rules for digital asset companies. Hill noted that the current lack of federal regulation for non-security digital assets has left the industry operating under an unclear regime, which he attributed to the previous administration's approach to regulation.
The Chairman expressed frustration over the stalled progress on digital asset legislation, particularly under the Biden administration and former SEC Chair Gary Gensler. He pointed out that despite an executive order from the administration urging Congress to act on stable coins and market structure, regulatory clarity has not been achieved. Hill called for a collaborative effort to bring clarity to the digital asset industry, ensuring that all participants adhere to established anti-money laundering and fraud prevention rules.
Ranking Member Waters also addressed the committee, explaining the significance of "minority day," which is organized by the opposing party to provide additional information and clarify the committee's direction. She expressed her satisfaction with the Chairman's presence, indicating a willingness to engage in discussions that may not have been fully explored in previous hearings.
The hearing reflects a critical moment for digital asset regulation in the U.S., as lawmakers seek to establish a framework that protects consumers and fosters innovation in the financial markets. The committee's ongoing discussions and proposed legislation could shape the future of digital assets and their role in the economy.
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