US House Committees Announce Joint Hearings on Digital Asset Market Structure and Regulatory Clarity
The House Financial Services Committee will hold joint hearings in May to establish a bill providing regulatory clarity to the crypto sector and address the market structure around digital assets in the US, in addition to the work being done on the bipartisan Lummis-Gillibrand bill.
The Chairman of the House Financial Services Committee, Patrick McHenry, announced a series of joint hearings in May that will address the market structure around digital assets in the US. The hearings will be focused on passing clear rules of the road for the digital asset ecosystem to protect consumers without stifling responsible innovation. The hearings will also aim to establish a bill providing regulatory clarity to the crypto sector and add to the work being done on the bipartisan Lummis-Gillibrand bill.
The Lummis-Gillibrand bill, or the Responsible Financial Innovation Act, was initially introduced in the US Senate in June 2022 and addresses Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) jurisdiction, stablecoin regulation, and crypto taxation, among other things. The wide-sweeping bill has faced delays, likely due to its complexity for non-crypto-versed Senators, and is expected to be revised soon. The revised bill is expected to have an additional focus on national security interests such as cybersecurity, among other provisions that require certain registrations for properly regulated and vetted companies.
