The U.S. House Financial Services Committee’s Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a hearing on digital asset market structure to examine which digital asset activities implicate U.S. securities law, why current rules may not apply, and how Congress could legislate to address the gaps. In opening remarks, Subcommittee Chairman Bryan Steil positioned the session as the start of work on comprehensive digital asset market structure legislation, following the Committee’s passage of the STABLE Act, and referenced a market structure “blueprint” outlined by Committee Chairman French Hill and House Agriculture Committee Chairman G.T. Thompson. The Committee signalled a continuing role for the U.S. Securities and Exchange Commission in the ecosystem, including treating issuers that raise capital through the sale of new digital assets as within SEC jurisdiction and requiring issuer disclosures to help users understand the characteristics of the digital asset networks involved. Topics highlighted for examination include digital asset classification, the adequacy of current disclosure requirements, and how intermediary requirements should apply. The Subcommittee will use expert testimony from the hearing to inform its ongoing development of market structure legislation.
U.S. Financial Services Committee 2025-04-09
U.S. House Financial Services Committee holds first digital asset market structure hearing to assess securities law scope
The U.S. House Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a hearing on digital asset market structure and its implications for U.S. securities law. Subcommittee Chairman Bryan Steil emphasized this as the start of comprehensive legislation efforts, referencing a market structure "blueprint" by Committee Chairman French Hill. The Committee highlighted the U.S. Securities and Exchange Commission's role in overseeing issuers and ensuring adequate disclosure requirements.