The U.S. House Financial Services Committee convened a Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing to review current use cases for digital assets and blockchain and to press for clearer US rules for stablecoin issuers, digital asset firms, and blockchain developers. In opening remarks, Subcommittee Chairman Bryan Steil framed the committee’s legislative agenda as providing a “principles-based” regulatory framework that supports innovation while strengthening consumer protections. He criticised the prior administration for an enforcement-driven approach and pointed to recent actions he described as a shift in direction, including an Executive Order on digital assets, the Securities and Exchange Commission’s repeal of Staff Accounting Bulletin 121, and the Federal Deposit Insurance Corporation’s statement that it is reevaluating its supervisory approach to crypto-related activities. Steil also highlighted the release of the STABLE Act discussion draft, described as establishing a regulatory framework for the issuance of payment stablecoins. The committee invited feedback from stakeholders on the STABLE Act discussion draft as it continues work on digital asset legislation.
U.S. Financial Services Committee 2025-02-11
U.S. House Financial Services Committee convenes digital assets hearing and seeks feedback on STABLE Act stablecoin framework
The U.S. House Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a hearing to review digital assets and blockchain use cases, advocating for clearer U.S. rules for stablecoin issuers and digital asset firms. Subcommittee Chairman Bryan Steil emphasized a "principles-based" regulatory framework to support innovation and consumer protection, criticizing the previous administration's enforcement-driven approach. The committee seeks stakeholder feedback on the STABLE Act discussion draft, proposing a regulatory framework for payment stablecoins.