House Agriculture hearing spotlights bipartisan 'Clarity Act' push to set digital-asset rules

The House Committee on Agriculture convened a full-committee hearing titled “The American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework,” advancing discussion of the Digital Asset Market Clarity Act (the Clarity Act) and possible next steps in Congress. Chairman Thompson opened the hearing by calling it “an important and rare opportunity to discuss this committee's work to create lasting change and cement America as a global leader in innovation.”

The hearing brought together technology founders, market lawyers and policy experts who called for clearer federal rules that assign jurisdiction, require customer-protection standards and enable U.S. firms to compete globally. Ranking Member Rep. Angie Craig said the Clarity Act “is not a perfect bill” but stressed that Congress must “establish clear protections for consumers and retail investors,” including segregation of customer funds and disclosure rules.

Witnesses described practical differences the bill would make. Avery Ching, CEO and cofounder of Aptos Labs, said his firm is U.S.-headquartered and called regulatory clarity “critical” so builders can launch tokens and applications “while staying compliant and competitive.” Mike Pivovar, executive vice president of the Milken Institute and a former SEC commissioner, told the committee the Clarity Act “crafts a framework that addresses regulatory gaps, jurisdictional boundaries, and pathways for responsible innovation.”

Panelists emphasized shared goals — consumer safeguards, market integrity and a durable allocation of responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Several witnesses recommended the bill’s registration and examination provisions, customer‑asset segregation requirements, and disclosure rules as central to preventing fraud and restoring confidence.

Members pressed witnesses on implementing details, interagency coordination and resources. Several witnesses said a federal framework would reduce the current patchwork of state rules that has driven some innovators offshore and causes inefficiencies for firms trying to scale nationally. Chairman Thompson closed by noting the record will remain open for 10 days for supplemental materials and that committee staff will continue drafting ahead of a planned markup.

The hearing signaled bipartisan momentum for a bill that combines prescriptive protections for customer-facing intermediaries with a principles-based approach for exchanges and market structure.