House Committee on Financial Services Chairman French Hill and House Committee on Agriculture Chairman Glenn “GT” Thompson have joined in welcoming the Senate Committee on Agriculture’s approval of crypto market legislation.
The Digital Commodity Intermediaries Act advanced out of Committee earlier today.
Representative Hill stated:
“Last July, the House overwhelmingly passed the bipartisan CLARITY Act. Since then, Senate Agriculture Committee Chairman John Boozman, Senate Banking Committee Chairman Tim Scott, and other key Senate partners have continued to advance Congress’s critical work on market structure. Today, the Senate Agriculture Committee took an important step in pushing forward the President’s digital asset agenda, and I look forward to continuing to work with my Senate colleagues to ensure key pillars of CLARITY are addressed so we can deliver a bipartisan, bicameral product to President Trump’s desk.”
Representative Thompson congratulated Chairman Boozman and the entire Senate Ag Committee:
“I am encouraged by the committee’s markup of the CLARITY Act today—Chairman Hill and I know exactly how difficult it is to get to this point. This is a key milestone in the Senate’s work on the bipartisan CLARITY Act, but there is still more work to be done to get a bill to President Trump’s desk. After members of the Senate Banking Committee advance their legislation in the coming weeks, the House and Senate must work together to meld each of these packages into a final agreement that will unlock American innovation and development in the digital asset ecosystem.”
It is virtually guaranteed that legislation will reach the President’s desk. The holdup is the traditional banking sector, which does not like the looming competition. Yet the optics are poor as banks can and will compete on a level playing field. What is missing is leadership from elected officials.