House Financial Services Committee Sets Digital Asset Innovation Hearing For Next Week

The United States House Committee on Financial Services is slated to host a hearing focused on digital asset innovation next Tuesday, according to the committee’s schedule listed on its website.

Digital Assets On HFSC Docket

Titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century,” the hearing is expected to cover crypto market structure at large amid broader regulatory changes toward the digital asset sector.

According to the Blockchain Association’s Sr. Director of Government Relations and Institutional Engagement, Ron Hammond, it appears that “the other crypto legislative priority of market structure will be released in the coming days” in a bid to bring forward “clear regulation and registration” for the crypto sector.

While no speakers have been announced for the May 6 committee hearing, Hammond alleges that there will be “many in and out of the crypto industry who will have a wide variety of views on the bill.”

“Unlike past efforts though, this bill has a very good chance of getting signed into law, so text matters,” Hammond says.

U.S. Crypto Regulation Begins To Shift

News of the upcoming hearing comes just one week after newly-confirmed United States Securities and Exchange Commission (SEC) chair Paul Atkins reaffirmed his commitment to enacting balanced crypto regulations at his April 21 swearing-in ceremony.

“Through a rational, coherent, and principled approach, we will work to ensure that the United States is the best and most secure place in the world to do business,” Atkins said.

Atkins’ confirmation as SEC head marks a stark shift away from the agency’s previous regulation-by-enforcement approach to cryptocurrencies under former SEC chair Gary Gensler.

In recent months, the federal regulator has dropped lawsuits against several key players in the crypto industry including Kraken, Coinbase, and more.

Congress, who reconvened on Monday after a two-week recess, will likely focus their efforts on Trump’s consequential budget bill before hashing out the details of digital asset legislation.