The U.S. Financial Services Committee reported that its Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held its first hearing to review several bills and discussion drafts on digital assets and is inviting public input on a stablecoins discussion draft. The hearing focused on perceived regulatory gaps in U.S. digital asset markets and the case for congressional action. Participants criticised the Securities and Exchange Commission’s approach to digital asset oversight, including claims of limited guidance on how securities laws apply and reliance on enforcement actions, and discussed how a federal framework for stablecoins could support use cases beyond major cities, including in rural communities. Members also challenged the view that the Securities and Exchange Commission and Commodity Futures Trading Commission could resolve jurisdictional ambiguity on their own, arguing that durable clarity would require legislation. The Committee is collecting stakeholder feedback on the stablecoins discussion draft; no deadline for submissions was stated.
U.S. Financial Services Committee 2025-02-13
U.S. Financial Services Committee’s Digital Assets Subcommittee holds first hearing and seeks public feedback on stablecoins discussion draft
The U.S. Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held its first hearing to review bills and discussion drafts on digital assets, focusing on regulatory gaps and the need for congressional action. Criticism targeted the Securities and Exchange Commission's oversight approach, with calls for a federal framework for stablecoins to support broader use cases. The Committee is seeking public input on a stablecoins discussion draft.