Opening Statements

House Committee on Agriculture Chairman Glenn “GT” Thompson (PA-15) delivered the following opening statement at today's Commodity Markets, Digital Assets, and Rural Development subcommittee hearing "American Innovation and the Future of Digital Assets: On-Chain Tools for an Off-Chain World."

Remarks as prepared:

Thank you, Mr. Chairman.  

I want to congratulate you on your reappointment as Chairman of the Subcommittee. You were a key part of our success on digital assets last year, and I am so pleased you’ve agreed to take on this role again. And Ranking Member Davis, congratulations on your appointment as ranking member. I know how excited you are to take on this role.

I know that the two of you are going to do a great job leading the committee’s work on digital assets, rural development, and derivatives. I also want to welcome all of the members  of the Subcommittee here today.  

Again for the 119^th Congress, there was a great demand to serve on this subcommittee, in no small part because of the opportunity to work on digital asset issues. I am excited for the work of the subcommittee to continue. I want to thank you all for your willingness to serve on it.  There is great potential for digital assets to provide significant value for the American public and American agriculture.
Not just in monetary terms, but as tools to solve real world problems, as we’ll hear about today.

 But, as we’ll also hear about today, digital asset developers, users, and institutions still need clear, thoughtful rules of the road to create these solutions.

Congress must act so we do not lose out on this American innovation. I want to underscore what Chairman Johnson said. We are once again working hand-in-glove with the House Financial Services Committee to craft legislation that will do just that.  

This is perhaps unusual for Congress, but it’s the right thing to do to make good public policy.  

I thank House Financial Services Chairman French Hill and their Digital Assets Subcommittee Chairman Bryan Steil for their partnership.

Chairman Steil held a great subcommittee hearing on digital assets earlier today. No one can solve this issue alone. It takes the cooperation of committees and regulators to build a workable framework to oversee digital assets. The result of this approach last congress was our digital asset market structure bill, FIT21, passing the House with a strong bipartisan vote.

Finally, I also want to thank our witnesses for coming today from different parts of the country to share their expertise with us. 

I look forward to your testimony and the discussion that follows. I yield back.