Opening Statements

House Committee on Agriculture Chairman Glenn “GT” Thompson (PA-15) delivered the following opening statement at today's full committee hearing: "American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework:"

Remarks as prepared:

Good morning, and welcome to our full committee hearing on the future of digital assets. Thank you to our esteemed panel of witnesses for making the time to be with us today. This is an important and rare opportunity to discuss this committee’s work to create lasting change and cement America as the global leader in innovation.

For almost a decade, Congress has debated the treatment of digital assets through hearings, bills, and meetings. The House Committee on Agriculture has played a critical role in this work.

Since our first hearing in 2018, our guiding principles have not changed: foster American innovation and bring needed customer protections to digital asset-related activities and intermediaries. But we are not working alone.

I want to thank Financial Services Chairman Hill for his leadership and the entire Financial Services Committee for their work with our committee. We’ve engaged in a remarkable partnership to examine these issues and proposed solutions on a cross-committee, bipartisan basis.

Chairman Dusty Johnson has been a tremendous leader in this effort. I want to thank him for everything he has done. In April, Chairman Johnson and Ranking Member Davis held a hearing that examined the promise digital assets hold for everyday Americans.

But they also learned that the promise of digital assets depends on getting the right market structure legislation across the finish line. Last month, Chairman Johnson and Subcommittee Chairman Brian Steil of Financial Services held a joint roundtable to examine digital assets with both of our committees working together. That roundtable made it clear that current federal laws and regulations do not provide adequate rules of the road for those who want to engage with these emerging technologies.

That is why last week ten bipartisan members of the House Agriculture and Financial Services Committees introduced the Digital Asset Market Clarity Act, or CLARITY Act. The CLARITY Act is a product of years of vigorous debate, stakeholder feedback, and technical assistance. 

I want to thank Chairman Hill for leading our effort and Ranking Member Craig, and Ranking Member Davis, for joining Chairman Johnson, me, and other colleagues on both sides of the aisle in introducing the CLARITY Act. I am pleased to see the Committee’s longstanding tradition of leading together in a bipartisan manner continue.

It is incumbent on us to embrace this opportunity and finally bring certainty to the users and developers of this technology. The United States is the beating heart of global finance and innovation.

Let me thank the Trump Administration for elevating this issue and recognizing the urgency of action in the digital asset space, and the agencies who offered technical assistance.

Years ago, other nations put pen to paper and created and enacted frameworks, seeking to establish themselves as hubs for the development of the digital asset ecosystem.