Southern Wisconsin Times

The House Financial Services Committee is conducting a hearing led by Subcommittee Chairman Bryan Steil, focused on digital assets and blockchain technology. The session aims to explore the potential of these technologies to transform the U.S. economy.

Chairman Steil began his remarks acknowledging the previous work of former Subcommittee Chairman French Hill. He emphasized the need for legislative clarity in the digital asset ecosystem, stating that "Digital assets represent a clear opportunity for the advancement of financial services in the United States."

Steil criticized the Biden Administration's regulatory approach, which he described as "unpredictable and hostile," resulting in uncertainty for entrepreneurs and consumers. He argued that this approach allowed "bad actors" to thrive and left consumers vulnerable.

In contrast, Steil highlighted steps taken under the Trump Administration to provide clearer guidelines for digital asset companies. These include an Executive Order on digital assets, actions by the SEC and FDIC, and working groups established to address challenges.

He mentioned a recent press conference with key figures including David Sacks, where there was consensus on creating a principles-based regulatory framework that balances innovation with consumer protection.

Steil introduced the STABLE Act as a draft proposal aimed at regulating payment stablecoins. He called for feedback from stakeholders to refine this legislation.

Concluding his remarks, Steil stressed that collaboration between government entities and market participants is crucial for crafting policies that ensure national security while fostering responsible development in digital assets.

"Today’s witnesses bring a wealth of knowledge," Steil noted, expressing eagerness to hear their perspectives on achieving balance between innovation and protection.