Chair Glenn “GT” Thompson’s (R, PA) decision – no doubt in consultation with Ranking Member David Scott (D, SC) – to use the voice vote was likely driven by the Republican’s clear majority which would lead to unquestioned passage.
But, unlike House Financial Services, where roll call votes were requested by the Republican majority, the need to maintain comity among members could have been paramount for the House Ag Committee. The Committee’s remit includes the critical Farm Bill and now has expanded to the complex, and potentially divisive, digital assets market structure framework.
Therefore, “Let’s not stir the pot more than necessary.”
breaking it down
But, what is there was a roll call vote? Let’s stir the pot.
In an historic joint hearing in the U.S. House of Representatives, digital assets and its market structure impressively took center stage.
Titled “Joint Financial Services-Agriculture Subcommittee Hearing Entitled: The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets,” the two digital assets subcommittees convened at the Longworth House Office Building. More here.
When all was said and done, the fact two House Congressional subcommittees met for over 3 hours on digital assets was the victory for pro-crypto forces as bipartisan interest in crypto is – at best – shared behind closed doors.
Beginning with a sanguine opening statement by House Agriculture Digital Assets Subcommittee Chair Rep. Dusty Johnson (R, SD), a skeptical Democratic point-of-view was expressed by Ranking Member Rep. Yadira Caraveo (D, CO). on digital assets. It was a familiar political cadence for much of the day and since the FTX implosion…
interest in legislation
Chair Rep. French Hill (R, AR) of House Financial Services (HFS) Subcommittee on Digital Assets, Financial Technology and Inclusion made clear in his opening statement that he thinks Democrats are interested in creating a digital assets framework.
Today, the House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit looked at “The Future of Digital Asset Regulation.” Video stream below.
Previously, the committee members Rep. Glenn “GT” Thompson (R, PA and Ranking Member) and Rep. Ro Khanna (D, CA) as well as Rep. Tom Emmer (R, MN) and Rep. Darren Soto (D, FL) have co-sponsored the Digital Commodity Exchange Act of 2022 (DCEA), which provides the Commodity Futures Trading Commission (CFTC) with oversight of key aspects of the digital assets world.
Four witnesses representing a regulator, an academic from the legal world and two blockchain industry executives have submitted prepared testimony for today as follows:
Vincent McGonagle, Director of the Division of Market Oversight, Commodity Futures Trading Commission (CFTC) – [See PDF]
Christopher Brummer, Georgetown University Law Center – [PDF]
Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis – [PDF]
Charles Hoskinson, CEO, Input Output Global, Singapore – [PDF]
View the hearing:
Live blog featuring Q&A with The Committee
Ranking members Thompson and Rep. Michelle Fischbach (R, MN) offer opening statements including the need for clearly defined core principles and regulation. Even though the blockchain industry is nascent and its unknown where it will lead,, Rep. Thompson says “that should excite us not intimidate us.” He’s all in on the innovation potential of blockchain and its potential benefits to the United States.