House Committee on Financial Services Chairman French Hill (AR-02) joined CBS’ Face the Nation to discuss the House’s upcoming “Crypto Week” and the significance of this moment for digital assets. This week, the full U.S. House of Representatives will vote on the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.
For more information on “Crypto Week,” click here.
Three Quotable Moments:
“Our CLARITY Act which sets up the rules of the road for what’s a commodity, what’s a security, how to use digital assets, how to store them, how to custody them; these are the rules that will protect consumers, will limit access to our market and our investors from [those] outside of the United States trying to influence the crypto markets. We have none of that today. What we’ve had is a mismatch of rules by enforcement in the Biden Administration.”
“I believe the bills we will have on the floor this week will protect investors, consumers, and make America as President Trump wants, a leader in financial technology and crypto and digital assets innovation.”
“In the work in the Senate led by Bill Hagerty, Tim Scott, Cynthia Lummis on the GENIUS Act to create a dollar-backed stablecoin, we’ve heavily influenced that legislation in the two years of previous work by the House.”
Further Background on the Committee’s work on digital asset legislation:
On June 1, 2025, Chairman Hill, Chairman Thompson, and Majority Whip Emmer published an op-ed in CoinDesk reiterating their commitment to enacting comprehensive digital asset legislation in the 119th Congress.
On June 10, 2025, the Financial Services Committee reported the Committee’s CLARITY Act by a bipartisan vote of 32-19 to the full House of Representatives for consideration. The House Agriculture Committee also reported the CLARITY Act by an overwhelmingly bipartisan vote of 47-6.
On May 6, 2025, the House Committees on Financial Services and Agriculture held a public joint roundtable discussion on key concepts and principles for digital asset market structure legislation.
On May 5, 2025, Chairman Hill, Chairman Thompson, Subcommittee Chairman Steil, and Subcommittee Chairman Johnson released a digital asset market structure discussion draft to establish a regulatory framework for digital assets in the United States.
On April 9, 2025, the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held its first digital asset market structure hearing of this Congress.
On April 4, 2025, Chairman Hill and Chairman Thompson published an op-ed in CoinDesk outlining their vision for digital asset market structure legislation for the 119th Congress.
On April 2, 2025, the Financial Services Committee reported Subcommittee Chairman Steil’s STABLE Act by a vote of 32-17 to the full House of Representatives and House Majority Whip Emmer’s Anti-CBDC Surveillance State Act by a vote of 27-22 to the full House of Representatives for consideration.
On March 11, 2025, the Financial Services Committee held a hearing titled “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and the Consequences of a U.S. CBDC.”
On February 19, 2025, Chairman Hill and Subcommittee Chairman Steil published an op-ed on the need for Congress to enact legislation around digital asset market structure and payment stablecoins.
On February 11, 2025, the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a hearing titled “A Golden Age of Digital Assets: Charting a Path Forward.”
On February 4, 2025, Chairman Hill, Chairman Thompson, Chairman Scott, and Chairman Boozman held a press conference with President Trump’s White House A.I. and Crypto Czar, David Sacks, announcing the formation of a bicameral working group focused on digital asset legislation for payment stablecoins and digital asset market structure.
On May 22, 2024, the 118th House of Representatives made history, successfully passing the first comprehensive digital asset market structure legislation in Congress, the Financial Innovation and Technology for the 21st Century Act (FIT21), with overwhelming bipartisan support, 71 Democrats and 208 Republicans, and Majority Whip Emmer’s CBDC Anti-Surveillance State Act with a vote of 216-192.
During the 118th Congress, then-Subcommittee Chair Hill, Chair Thompson, and former Chair Patrick McHenry led the charge on digital asset market structure legislation, introducing FIT21. Both the Financial Services and Agriculture Committees successfully reported FIT21 by a bipartisan vote to the full House of Representatives for consideration.
Last Congress, the Committee successfully passed the Clarity for Payment Stablecoins Act by a vote of 34-16 which served as the starting point for legislation in the 119th Congress.
During the 118th Congress, Chair Hill, then Subcommittee Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, held more than ten hearings related to legislation around digital asset market structure, payment stablecoins, and CBDCs.
