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House subcommittees press for clear federal rules for digital assets after objection halts joint hearing
Summary
A House joint roundtable on market-structure legislation for digital assets proceeded after a ranking member objected to convening a formal joint hearing, while committee members and industry witnesses urged a durable federal framework that clarifies jurisdiction between the CFTC and SEC, token classification, custody and AML obligations.
Ranking Member Waters objected to convening a formal joint hearing on digital assets, calling attention to alleged conflicts of interest involving the president and crypto businesses, and the committees proceeded with a joint roundtable that focused on regulatory clarity for digital-asset markets.
The roundtable, convened by leaders of the House Financial Services Committee and the Agriculture subcommittee on commodity markets, digital assets and rural development, centered on a newly released discussion draft of digital-asset market-structure legislation and whether Congress should grant spot-market authority primarily to the Commodity Futures Trading Commission (CFTC) to close regulatory gaps.
Why it matters: lawmakers and witnesses said uncertainty about whether tokens are securities or commodities has driven startups and capital offshore, left investors exposed and complicated compliance. Witnesses and former regulators urged Congress to create fit-for-purpose rules that preserve innovation while adding customer protections such as registration, custody standards, AML/KYC and reporting.
Industry and former regulators described practical…
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