Press Releases

Today, the House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence and House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development, held a joint roundtable on digital assets led by Subcommittee Chairmen Bryan Steil (WI-01) and Dusty Johnson (SD-AL). The discussion assessed the current regulatory roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CTFC). Members also discussed key concepts and principles for digital asset market structure legislation.

Yesterday, Financial Services Committee Chairman French Hill (AR-02) and Agriculture Committee Chairman G.T. Thompson (PA-15), alongside Subcommittee Chairmen Steil and Johnson, released a discussion draft of a bill to establish a regulatory framework for digital assets in the United States.

• Click here for the text of the discussion draft.
• Click here for a section-by-section.
• Click here for a one-pager.

Watch today’s roundtable online HERE. 

On how digital asset market structure legislation would benefit the U.S.:

• “This Congress, both Committees remain committed to delivering a clear, durable framework for the digital asset ecosystem. The concepts that we will discuss today are designed to foster responsible growth, provide regulatory clarity, protect consumers, and safeguard the long-term integrity of U.S. digital asset markets,” said Chairman Hill.

• “Today, I want to highlight the transformative potential of blockchain technology, not only in reshaping our financial systems, but in redefining how we interact with the government itself. For that innovation to take root and thrive here in the United States, we need clear, effective legislation that puts an end to the regulatory uncertainty developers face today. For too long, digital asset innovators have taken their business abroad. To places like Hong Kong and the EU, and they have clearly defined rules, and other jurisdictions with more favorable regulatory environments such as the Caribbean or the Middle East. But now, for the first time, the industry has a chance in the White House in providing the clarity and oversight needed to protect consumers and ensure market integrity,” said Rep. William Timmons (SC-04).

On the harm of not having a regulatory framework:

• "More than fifteen years ago, a nine-page document—the Bitcoin White Paper—sparked a shift in how we think about money, trust, and value. That idea sparked the digital asset ecosystem. Innovators have since built decentralized networks that offer services once unimaginable. But innovation has not followed a straight line. Outdated regulatory frameworks and a “regulation by enforcement” approach under the Biden-Harris Administration have stifled clarity and pushed jobs, investment, and leadership offshore. Worse, the uncertainty has exposed consumers to greater risk from fraud and mismanagement. Congress has both the opportunity and responsibility to act. We must pass comprehensive, bipartisan legislation that provides clarity and fosters responsible innovation,” said Subcommittee Chairman Bryan Steil.

• “We’ve lost four years of reality, and the capital markets have gone elsewhere because of this uncertainty. It’s frustrating as we go through meeting after meeting hearing the horror stories of the last four years where so many folks want to do business here in the United States and are basically turned away or led the wrong way by the previous administration,” said Rep. Mike Haridopolos (FL-08).

• “One of the biggest challenges in the digital asset space, as we all know, is the overlapping claims of authority between both the Securities and Exchange Commission and the CFTC. Being a guy from Iowa, we know CFTC very well. As a member of both the Financial Services and the Ag Committee, I think we saw conflicts occur firsthand when the SEC, under its previous leadership, attempted to take control of nearly all digital assets and effectively sidelined the CFTC. That’s not how this is designed, and it shouldn’t be how it is going forward,” said Rep. Zach Nunn (IA-03).

Witnesses echoed their support for the work of the Committee.

James Rathmell, General Counsel, Haun Ventures, stated, “At the heart of today’s conversation is something deceptively simple: digital assets. Much of the confusion in current law—and the frustration felt by entrepreneurs—arises from the fact that we are dealing with a new asset class not contemplated by existing frameworks. A digital asset is not inherently a stock, or investment contract, or a currency. In many cases, it's something entirely novel: a new computing primitive that can represent many different things depending on the context in which it’s used, and which can evolve over time. This is why we need legislation that recognizes the unique characteristics of digital assets and offers a framework that evolves with them. Digital assets are not just financial instruments—they are building blocks for a new digital and financial system. They can carry value, confer rights and privileges, enforce rules, and facilitate coordination at scale.”

Alex Miller, Chief Executive Officer, Hiro Systems, added, “Congress should pass legislation requiring the SEC to adopt and implement rules for digital assets that are clear, appropriate for the unique nature of digital assets and their networks, and minimize uncertainty. Providing clear rules of the road for these entities and assets will enable a more normal process for the offering. …If Congress were to adopt, or direct the SEC to adopt and implement, rules for digital assets that are clear and appropriate for the unique nature of digital assets and their networks, it would minimize uncertainty about its disclosure and financial reporting requirements and reduce the need to engage on compliance questions and seek guidance.”

Greg Tusar, Vice President of Institutional Product, Coinbase, added, “The overwhelming bipartisan support for FIT21 reflected the growing recognition that modern rules are essential for fostering innovation, protecting consumers, and maintaining America’s leadership in global financial markets. The legislation should build on the foundation established by FIT21, retaining many of its core principles while refining critical areas to address emerging challenges. This effort should clarify asset classifications—defining which digital asset transactions are securities and which are commodities—and empowering the CFTC to oversee spot markets for digital commodities. These steps are key to ensuring customer protections, promoting market transparency, and encouraging responsible innovation within U.S. borders. …Regulating digital assets responsibly is not just about protecting markets today—it’s about shaping the future. Congress maintaining the goal of positioning the United States as the global leader in innovation sends a powerful message to developers, consumers, and investors: America is committed to building frameworks that protect its citizens while allowing transformative change to thrive.”