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House Financial Services and Agriculture Subcommittees to Hold Joint Hearing on Digital Asset Markets

May 10th Hearing to Address Regulatory Gaps in Wake of SEC and CFTC Actions

Image from Unsplash

Fri, 05 May 2023, 12:22 pm UTC

The House Financial Services Committee and House Agriculture subcommittee will collaborate to hold a hearing titled "The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets" on May 10th.

The hearing is expected to address regulatory gaps in digital asset markets, following recent enforcement actions and hearings by the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Republican Rep. French Hill's Subcommittee on Digital Assets, Financial Technology and Inclusion will participate alongside Republican Rep. Dusty Johnson's House Agriculture's Commodity Markets, Digital Assets, and Rural Development subcommittee.

Rep. Patrick McHenry, who leads the House Financial Services Committee, recently announced during a Consensus 2023 conference that a new bill will be introduced within the next two months.

Last year, McHenry and then-House Financial Services Committee Chair Maxine Waters collaborated on a stablecoin bill that ultimately fell through. During a hearing last month, Waters stated that the posted bill should be disregarded, while McHenry claimed that it should serve as the foundation for a federal framework, indicating differing opinions.

Additionally, Sens. Cynthia Lummis and Kirsten Gillibrand plan to introduce a revised version of the Responsible Innovation Act this spring, which will provide more detailed definitions for tokens while delegating oversight of the most popular cryptocurrencies to the CFTC and addressing stablecoins and taxes.

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