Press Releases

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 explore which digital asset activities implicate U.S. securities law, why current regulations may not apply, and how Congress can take legislative action to address these challenges.

Read Subcommittee Chairman Steil’s opening remarks as prepared for delivery:

"Good morning and welcome to the first digital asset market structure hearing for this Congress.

"Last week, we successfully passed the STABLE Act out of this Committee, marking a significant step forward in advancing the first half of President Trump’s digital asset agenda.

"Today, we will resume our efforts on advancing the second half of this agenda — comprehensive digital asset market structure legislation.

"Recently, Chairman Hill and House Agriculture Committee Chairman G.T. Thompson outlined their vision for digital asset market structure legislation in an op-ed titled 'A Blueprint for Digital Assets in America.'

"In that piece, the Chairmen emphasized the transformative potential of digital assets and the urgent need for a clear regulatory framework—one that fosters innovation while protecting market participants.

"The Chairmen also outlined six core principles to guide the development of market structure legislation.

"The United States has long been a global leader in financial innovation, balancing market growth with investor protection.

"However, as digital assets and blockchain technology gained prominence, the Biden-Harris Administration’s hostile approach drove the digital asset ecosystem to jurisdictions with already established frameworks.

"Now, we have the opportunity to correct course and make the United States the epicenter of this ecosystem.

"Our goal today is to examine what aspects of the ecosystem are implicated by securities laws and analyze the challenges of applying these laws.

"Let me be clear: the House Financial Services Committee recognizes that digital assets have use cases beyond financial markets.

"At the same time, the Committee feels strongly that there is a role for the U.S. Securities and Exchange Commission to play in the digital asset ecosystem.

"For example, the Committee believes that issuers raising capital through the sale of new digital assets should fall under the jurisdiction of the SEC.

"Issuers should also be required to disclose relevant information that helps users understand the unique characteristics of the digital asset networks they are investing in.

"Today, we will explore how we can modernize our securities laws to better accommodate the unique characteristics of digital assets.

"This includes examining the classification of digital assets, the adequacy of current disclosure requirements, and the applicability of various requirements for intermediaries.

"It is crucial for this Committee to enact legislation that provides clear guidelines for issuers and market participants, facilitates capital formation, and maintains the integrity of both the digital asset ecosystem and the traditional financial system.

"Through this process, we must ensure that American innovators and entrepreneurs can thrive here at home.

"We are fortunate to be joined today by a distinguished panel of esteemed experts in securities law, digital assets, and financial technology.

"Their insights will be invaluable as we deliberate on these complex issues and consider how best to address this technology in legislation."

"Thank you for your time and for being here with us today.

"I look forward to your testimonies."