James Hill: “I rise in strong support this morning of the CLARITY Act. We have been here before, Mr. Speaker. Just last year, we…”

“I rise in strong support this morning of the CLARITY Act. We have been here before, Mr. Speaker. Just last year, we passed landmark legislation, FIT21, with an overwhelming bipartisan majority to apply strong Federal standards to digital asset markets. For more than 5 years, our committee has heard from dozens and dozens of experts, held numerous roundtables and hearings with market participants of all sizes in all segments of the market to learn more about the emerging digital asset ecosystem. We learned about the value proposition and relevant risks associated with digital assets and the use of blockchain technology. We have heard time and time again from market participants and regulators about the need for clear regulatory guardrails. We have talked about the need to fill those regulatory gaps that have left millions participating in crypto markets vulnerable. In fact, Mr. Speaker, both President Biden in his Executive Order 14067, and President Trump in his Executive Order 14178, identified those market regulatory gaps, asking Congress to act to fill those gaps.”