American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century
2025-05-06
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Source: Congress.gov
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Transcript
The subcommittee will come to order. I note that today's committee activity will be viewed. I object to this joint hearing pursuant to the House rules. This joint hearing requires unanimous consent, and I do not consent. You are recognized. May I ask the basis for the objection from the ranking member? I object to this joint hearing. Pursuant to the House rules, this joint hearing requires unanimous consent, and I do not consent. Does the lady yield her question? Will the ranking member yield? Madam ranking member? Mr. Chairman, I would ask if the lady would yield for a question. Will the ranking member of the Committee on Financial Services yield to a question? I'll ask again. Will the ranking member of the full Committee on Financial Services yield to a question from the subcommittee chairman? Mr. Chairman, I would just note by way of context for the ranking member, I understand your objection, or I understand that you've made it. I just want to get a better insight into what is the basis of your objection so that if there's something that we can do to remove that problem, we can work in good faith to do so.
I object to this joint hearing because of the corruption of the President of the United States and his ownership of crypto and his oversight of all the agencies. I object. Mr. Chairman, before I yield, I would just note that a good regulatory product, good regulatory rules of the road, I think would provide an environment where people would have more faith in the marketplace, and I think these conversations are a critically important part of getting there, thank you. The chairman of the full Committee on the Financial Services, Mr. Hill, is recognized.
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Unknown (SPEAKER_05)
Thank you, Chairman Stile. I want to be really clear and set the record straight today. The ranking members expressed concern about conflicts of interest, which is why she's disrupting today's joint hearing. Through her actions today, the ranking members thrown partisanship into what has historically been a strong, good, working, bipartisan relationship. For those of you that may not know, we held a similar joint hearing in this same building in May 2023 under the leadership of Chairman Thompson, then Ranking Member David Scott, former Chairman McHenry, and Ranking Member Waters. The purpose of that hearing, like today's hearing, is to discuss the importance of rules for digital assets so that every market participant must abide by them. I was encouraged by the engagement that we received from last Congress by members on both sides of the aisle. There was overwhelming support from the House Democrats and Republicans on legislation that brings digital asset markets into the regulatory perimeter and closes the gaps in regulation. gaps that we all agree exist, gaps that President Biden agrees that exist, gaps that President Trump agrees that exist. Members worked hard to provide robust consumer protections, and they did so in a manner that would make our constituents proud. We left our differences at the door and we were honest and transparent in our legislative work.
Members on both sides of our committees are committed to crafting legislation to provide that regulatory clarity to encourage responsible actors in the digital asset ecosystem. That's what most of the members in this room are here to discuss today. As the ranking member currently pointed out, to hold a joint hearing, we must receive unanimous consent from both Republicans and Democrats to proceed. The ranking member received ample notice, more than six weeks, and negotiated an additional witness for the minority. Yet after that good faith effort, the ranking member is objecting today. We agreed not to notice legislation to this joint hearing, yet the ranking member is objecting today. We determined a seating chart discussed opening statements and witnesses, yet the ranking member is objecting today. I want to thank Agriculture Ranking Member Craig and her staff, Subcommittee Ranking Member Don Davis, Chairman Benham, and our witnesses who've traveled here to be dedicated to their time to share their views with the committee. I also want to thank Chairman Thompson, Subcommittee Chairs Johnson and Stile, and my staff for your commitment, for working relentlessly with the minority. Hearings are an opportunity for Congress and the American people to explore important matters of policy together Whether we agree or disagree on policy, we hold them publicly so that our constituents can understand how we work to better their lives. This hearing would have served as a forum for financial services and agriculture members to learn from our panelists and discuss solutions to issues. And given the cross-jurisdictional nature of the work, a joint hearing has been very, very needed. While I understand the ranking member has concerns, but by objecting to this hearing, the ranking member is undermining the opportunity for these two committees to engage in a conversation of vital importance to the American people. That's a loss for our committees, the House, and the public at large.
Those of us that remain in this room will not sit idly by and abandon the urgent work we have before us that our committees have set out to do. We will sit together, hear from these good witnesses, and ask questions and learn from your expertise.
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