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UNITED STATES - MARCH 20: Reps. Dusty Johnson, R-S.D., left, and Bryan Steil, R-Wis., arrive to a ... More meeting of the House Republican Conference in the U.S. Capitol on Wednesday, March 20, 2024. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
CQ-Roll Call, Inc via Getty Images
A crescendo of sorts, this week’s back to back market structure hearings in the U.S. House on the same day ushered in a new legislative debate for the crypto industry, which is the darling of the Republican controlled Congress.
With clear intention, both hearings had the unmistakable title, “American Innovation and the Future of Digital Assets.” Witnesses for the Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence kicked things off in the morning. Testimony before the Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development followed in the afternoon.
Reciprocity
In his opening statement, Chairman Dusty Johnson (SD-At Large) embraced the symmetry.
“Earlier today, Chairman Steil’s Digital Asset Subcommittee of the Financial Services Committee held their first hearing on market structure. This was not a coincidence—we’ll be working side by side on legislation again this Congress. We are united and committed to advancing comprehensive, bipartisan market structure legislation to the President’s desk.”
Chairman Bryan Steil (WI-01) echoed similar sentiments.
“It is crucial for this Committee to enact legislation that provides clear guidelines for issuers and market participants, facilitates capital formation, and maintains the integrity of both the digital asset ecosystem and the traditional financial system. Through this process, we must ensure that American innovators and entrepreneurs can thrive here at home.”
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