Press Releases

House Financial Services Committee Chairman French Hill (AR-02) delivered the following statement at today's Full Committee hearing to examine the Committee's digital asset market structure framework, the CLARITY Act.

Watch Chairman Hill’s opening remarks here.

Read Chairman Hill's opening remarks as prepared for delivery.

"Good morning. Today’s hearing will continue our work on digital assets and examine our market structure framework.

"I encourage Members on both sides of the aisle to use this hearing as an opportunity for productive dialogue.

"We should aim to identify areas of consensus within the legislation and thoughtfully address provisions that may require further refinement.

"Digital assets and blockchain technology are driving the next evolution of the internet.

"This technology empowers individuals, spurs innovation, and creates new economic opportunities.

"But to fully recognize these benefits, we must ensure there is a functional regulatory framework in place.

"Currently, there is no federal framework for digital assets.

"The SEC and CFTC do not have clear jurisdictional boundaries over digital assets, leaving investors and entrepreneurs in a state of uncertainty and often discouraging innovation.

"As a result, American consumers and investors have endured prolonged confusion and limited protections due to the absence of a consistent regulatory framework.

"Companies have asked, and even sued, the SEC to provide them with the clarity they need to comply with current regulations.

"Others have even moved their operations out of the U.S. to avoid dealing with the SEC’s regulation by enforcement approach.

"I have worked diligently on the CLARITY Act with House Ag Committee Chairman GT Thompson and members from across the House of Representatives that have an interest in providing much-needed regulatory clarity to market participants.

"Our bill establishes a clear, codified exemption pathway for digital commodity projects to raise capital, supports secondary market trading of these assets, enables SEC-registered entities to participate in digital commodity markets, and much more.

"Ultimately, this is about protecting American consumers, encouraging innovation here at home, and ensuring the U.S. leads in the future of digital assets.

"We started this Congress with a joint press conference with Senate Chairs Scott and Boozman alongside my good friend, Chair Thompson. We committed to provide functional rules of the road for the digital asset ecosystem.

"The discussion here today is a critical part of our journey, and I look forward to an informed conversation on how digital asset market structure legislation can deliver meaningful protections and benefits to our constituents and our economy."