Today’s inaugural hearing of the Digital Assets, Financial Technology and Inclusion Subcommittee titled, “Coincidence or Coordinated? The Administration’s Attack on the Digital Asset Ecosystem,” took place under the auspices of the House Financial Services Committee and Subcommittee Chair Rep. French Hill (R, AR).
See the 2+-hour video of the hearing.
In spite of the title and with a couple of exceptions (such as Rep. Brad Sherman (D, CA)), rather than a partisan food fight, the hearing was largely about creating a regulatory framework and what was needed.
With Republican support for digital assets legislation well-known, the hearing reaffirmed that some Democratic voices are pro-crypto, too, with members such as Wiley Nickel (D, NC), Bill Foster (D, IL) and the Subcommittee’s Ranking Member Stephen Lynch (D, MA) who each talked hopefully about the space but were eyes-wide-open about its challenges.
In his opening statement, Hill pointed out that the Subcommittee’s Ranking Member Stephen Lynch (D, MA) had partnered on a financial technology task force previously. Read his complete opening remarks.
Payment stablecoin legislation started by HFS Chair Rep. Patrick McHenry and Ranking Member Maxine Waters (D, CA) appears to be at the top of the list for regulation, Chair Hill wants to see move forward in the 118th Congress.
Ranking Member Lynch expressed optimism about the digital asset space in his opening statement, but acknowledged the challenges and irresponsible actions within the ecosystem including a lack of transparency. He wanted the “consumer’s voice” considered more in the overall digital assets discussion. Continue reading “Digital Assets Hearing Highlights House Democratic Support for Digital Assets Legislation”