HFSC, House Ag Chairs Reaffirm Need for Digital Asset Law

House Financial Services Committee Chair French Hill (R-AR) and House Agriculture Committee Chair Glenn Thompson (R-PA) said Congress still needs to enact digital asset market structure legislation after the Senate failed to advance the Digital Asset Market Clarity Act (see prior coverage).

In a joint statement, the Chairs said that "[o]nly Congress can provide the lasting legal certainty that consumers and businesses need to participate in these markets with confidence and necessary protections." They noted that the House has worked across multiple Congresses to establish a functional market structure framework for the digital asset ecosystem, and said they remain committed to working with their Senate colleagues to send framework legislation to the President's desk.

Until statutory certainty is achieved, Representative Hill and Representative Thompson said they look forward to partnering with federal financial regulators as the regulators use their existing authority to develop rules and issue guidance governing digital assets.