Press Releases

Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, led by Subcommittee Chairman Bryan Steil (WI-01), is holding a field hearing on how the CLARITY Act establishes a clear and functional regulatory framework for digital assets in the United States. 

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

"In America’s 250^th year, on the site of the building that first housed Congress, and one year to the day after the House of Representatives passed the CLARITY Act, we gather amidst the pillars of history.

"For 250 years, American markets have powered innovation and economic growth.

"And each time tchnology and financial innovation leapt forward, Congress met the moment.

"We did not stop the engines of growth: we gave them clear, consistent rules so they could run.

"Right here, the First Congress debated Alexander Hamilton’s revolutionary vision for a national financial system, including a plan to turn state war debts into the first federal government bonds, backed by the full faith and credit of our new nation.

"One hundred years later, as a patchwork of paper notes and counterfeits flooded the states, Congress stepped in again.

"The National Bank Act swept away the chaos of wildcat banking and created the first American dollar bills we carry in our pockets today.

"In the next century, when opaque and disorderly markets ruined millions, Congress passed the Securities Act and the Exchange Act to restore transparency and public trust.

"Consistency and clarity conquered chaos.

"Today, here on Wall Street, we gather at the threshold of the next generation of innovation.

"As the Senate prepares to consider the CLARITY Act, we can complete nearly a decade of work.

"Since 2017, the House Committee on Financial Services, alongside our colleagues on the House Committee on Agriculture, has worked to craft a durable framework for digital asset that fosters innovation while protecting consumers and investors.

"Our goal is clear: replace regulation by enforcement with clear rules of the road for digital assets.

"For 250 years, America has led the world in financial innovation.

"For fifteen years, blockchain technology has redefined the possible.

"For nearly ten years, Congress has worked to write the rules for this new financial frontier.

"And for one year, we have had a statutory framework for payment stablecoins. Now, it is our turn to meet the moment.

"Today, we will hear from experts who are building the next generation of financial innovation and why they believe the CLARITY Act is essential.

"I thank the witnesses for being here today, and my colleagues for making the trip to have this important discussion.

"Let’s unlock the next 250 years of innovation here in the United States.

"Let’s pass CLARITY."