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WASHINGTON, DC — Rep. Dusty Johnson (SD-AL), Chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, delivered the following opening remarks at today's joint subcommittee hearing entitled, "The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets."
Remarks as prepared for delivery:
"Good morning. Thank you for joining us today. Thank you, Chairman Hill, for gaveling us into our hearing this morning. It is my honor to welcome you all to the first joint hearing held between our two committees in as long as anyone can remember.
"While Congress strives to work together, it isn’t always easy. But the work we’re doing across our committees will bring certainty and sensible compliance to the digital asset space.
"Digital assets and blockchain technology hold real promise. From facilitating payments, to increasing data privacy and managing supply chain logistics, these networks represent a new way for individuals to make better business decisions. However, current federal laws and regulations provide few rules of the road for those who want to engage with these emerging technologies.
"The CFTC and SEC continue to debate whether certain digital assets are securities or commodities, complicating enforcement actions and creating further confusion in the industry and market.
"Collaboration between our committees will allow us to answer that question. Congressional action is essential to provide clear rules of the road and robust oversight for digital asset market participants and intermediaries. The right policy solution involves both our committees directing the CFTC and SEC to each focus on what they do best.
"Market participants will benefit from the longstanding investor protections in securities and commodities markets. But they will also benefit from the new ideas, services, and opportunities that innovation can bring. Our central question today is how best to promote both objectives.
"Governments around the world grapple with these same questions and they are coming up with answers. In the absence of U.S. leadership, other nations are creating frameworks and establishing themselves as hubs for the development of the digital asset ecosystem. Just last month, the European Union approved its Markets in Crypto-Assets (MiCA) regulation, which became the first comprehensive framework for digital assets in the world.
"As the use of digital assets grows, Congress must speak clearly about how best to regulate this growing sector to ensure the United States remains the leader in financial and technological innovation. Today’s hearing will get us closer to that goal.
"Thank you to each of our witnesses for their willingness to share their expertise, knowledge, and time with us. I look forward to hearing your perspectives about the current regulatory obstacles to the digital asset ecosystem and possible solutions.
"Thank you, Mr. Chairman, and I yield back."
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