Crypto Industry Pushes for U.S. Regulatory Clarity in Congressional Hearing

The crypto industry made a strong case for legislative clarity in a congressional hearing before the House subcommittee on digital assets. Titled "A Golden Age of Digital Assets," the hearing reflected growing momentum for regulatory reforms, with industry leaders and lawmakers pushing for clear legal standards.

The session followed years of market turbulence, including the 2022 FTX collapse. Now, with rising bipartisan interest, crypto advocates see an opportunity to establish rules that support industry growth while ensuring investor protection. Representative Bryan Steil, a Wisconsin Republican, emphasized the need for a "workable pathway" for responsible digital asset firms to operate in the U.S., signaling a shift from what he called the “hostile approach” under President Biden’s administration.

Industry leaders, including Kraken’s global policy head Jonathan Jachym, urged Congress to act swiftly in passing a foundational bill. Former CFTC Chair Timothy Massad, however, warned against excessive legislative micromanagement, arguing that regulatory agencies like the SEC and CFTC should refine the details.

Meanwhile, Federal Reserve Chair Jerome Powell acknowledged concerns over debanking and dismissed any plans for a U.S. central bank digital currency (CBDC) under his leadership.

The hearing also reignited partisan tensions. While Republicans criticized Biden's crypto stance, Democrats accused former President Donald Trump of exploiting the industry for personal gain through memecoin $TRUMP, calling it a potential ethics violation.

As Congress debates the future of crypto regulation, the industry is pushing for clear, consistent rules to support innovation and market stability in the U.S.