However, if we fail to provide a functional framework for digital assets in this country, all we are doing is forcing this activity to happen in an offshore exchange, rather than in a nicely-innovative, properly-regulated U.S. working…

The CFTC needs additional authority over non-security digital assets.

So the innovation happens somewhere else, the value accrual and the jobs accrue somewhere else.

The current Securities and Exchange Commission approach to disclosures doesn't work for digital assets.

To quote Senator Gillibrand, 'Establishing a regulatory framework that spurs innovation, develops clear standards, develops appropriate jurisdictional boundaries, and protects consumers.'

Congress must act. And it is imperative that we do act.

Digital assets are here to stay. This ecosystem has been denied legal clarity for too long...

We need to have a Federal regulatory regime for stablecoins.

And once again, I think you are trying to hide behind things for either a lack of willingness to be candid about it, or you are trying to obfuscate your oath of office, which was, 'well and faithfully.' This committee is not happy with…

Our goal is to make a law, and we expect you to play a constructive role in that process.

Regulation by enforcement is neither sufficient nor sustainable.

The market does not see it. Your regulatory actions and the CFTC's regulatory actions say that there is a great deal of uncertainty here.

There is a lack of clarity here in the marketplace. Can you at least agree to that?

That uncertainty is bad, is it not?

The American people want democratic access to capital, with retail investor participation.

I can't believe that this committee is rushing to take off more guardrails when we should be adding them.

your record of failures to protect investors and abuses of power make it clear that we need to restructure the Securities and Exchange Commission.

This raises serious concerns that the rulemaking process is being rushed, undermining the quality of our securities laws.

Chair Gensler, your responses to congressional inquiries have been unacceptable.

Congress must provide clear rules of the road for the digital asset ecosystem because the regulators cannot agree.

Do you think it serves the market for an object to be viewed by the commodities regulators as a commodity and by the securities regulators as a security?

Today, let us put aside the pre-baked narratives that have dominated the political discourse.

The bottom line for you as the panel is that there is bipartisan frustration with many of your answers.

I will finish with this: We need competent financial supervisors, but Congress can't legislate competence.

You have been on the job at the Federal Reserve for less than a year. You came to the job well-qualified.