financialservices.house.gov
Cmte Financial Services (R)
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Steil: Together, We Can Ensure That Stablecoin Issuers, Digital Asset Firms, and Blockchain Developers Can Operate Under Fair, Transparent, and Predictable Rules in the United States
Washington, Feb 11 -
Today, the House Financial Services Committee is holding a Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing, led by Subcommittee Chairman Bryan Steil (WI-01), to examine existing use cases for digital assets and blockchain technology and explore why this technology holds vast potential to revolutionize the American economy. Read Subcommittee Chairman Steil’s opening remarks as prepared for delivery: "Good afternoon and welcome to the first hearing of the House Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee. "Today, we resume the work that this Subcommittee started last Congress under the leadership of then Subcommittee Chairman French Hill. "I am grateful to the now full Committee Chairman for trusting me to pick up the mantle and continue our legislative work to provide clarity for the digital asset ecosystem. "Digital assets represent a clear opportunity for the advancement of financial services in the United States. "This technology has the potential to modernize our financial infrastructure, enhance the dollar’s dominance in global markets, increase the efficiency of payments—both domestically and abroad, and provide American businesses and consumers with a faster, cheaper, more transparent way to transact in an increasingly digital economy. "Under the Biden Administration, we saw regulatory overreach and a pattern of enforcement-driven actions that stifled innovation, especially in the digital asset ecosystem. "Instead of working with Congress to establish clear guidelines, the Biden Administration opted for an unpredictable and hostile approach that left American entrepreneurs, businesses, and consumers in a state of uncertainty. Agencies took inconsistent, often contradictory actions—pushing innovators offshore and threatening America’s leadership. "This lack of regulatory clarity not only hurt American investment—it also impacted everyday Americans. "Let’s be clear: the Biden Administration’s approach opened the door to bad actors and left consumers more vulnerable to fraud. "While the EU, the UK, and even developing economies, have advanced regulatory frameworks in digital assets, the United States has fallen behind. "Our government’s failure to act could mean that the benefits of digital assets and blockchain technology will be realized elsewhere, while American consumers, entrepreneurs , and financial institutions are left navigating an uncertain landscape. "Under the Trump Administration, we will course correct by creating a workable pathway for responsible digital asset companies to set up operations in the United States. "Encouragingly, several positive steps have already been taken: "And both the SEC and the Trump Administration have stood up working groups to tackle these challenges. "Last Tuesday, the White House’s AI and Crypto Czar, David Sacks, joined Chairmen Hill, Thompson, Boozman, and Scott for a press conference where they all agreed that it is time for both regulators and Congress to get this done. "We all agreed that we must work together to provide a thoughtful, principles-based regulatory framework that fosters innovation while ensuring strong consumer protections. "Last week, the Chairman and I released, the STABLE Act, a discussion draft to provide a clear regulatory framework for the issuance of payment stablecoins. "We would appreciate feedback from all relevant stakeholders and look forward to working with the entire stablecoin ecosystem to get this legislation right. The reality is that the status quo for digital assets is untenable. "Regulatory and legislative clarity is needed now. The agencies can use their existing authorities to clarify how digital asset companies can come into compliance with relevant laws. "Where there are gaps in authorities, Congress can provide legislative solutions. "Together, we can ensure that stablecoin issuers, digital asset firms, and blockchain developers can operate under fair, transparent, and predictable rules in the United States. "That means working together—the Trump Administration, Congress, regulators, and market participants—to craft thoughtful policies that uphold our national security, protect investors, and encourage the responsible development of the digital asset ecosystem. "Today’s witnesses bring a wealth of knowledge and experience on these issues, and I look forward to hearing their insights on how we can learn from the mistakes of the past to strike the right balance between innovation and consumer protection. "Thank you, and I look forward to your testimonies."