Latest news with #HouseFinancialServicesCommittee
The Hill
11-06-2025
- Business
- The Hill
Two House panels advance crypto market structure bill
A pair of House panels voted Tuesday to advance legislation laying out oversight of the crypto market. The House Financial Services Committee and House Agriculture Committee held separate markups on the CLARITY Act, with both ultimately voting to report the bill out of committee. The scenes in the two committees, however, were vastly different. The House Agriculture Committee voted 47-6 to advance the legislation after a relatively brief two-and-a-half-hour discussion. The House Financial Services Committee, by contrast, spent nearly twelve hours working through dozens of amendments before reaching a final vote shortly before midnight. The panel was also more split on the bill, with a 32-19 vote to advance the legislation. 'Congress has a historic opportunity to provide the clear regulatory framework needed to unlock this innovation,' House Financial Services Chair French Hill (R-Ark.) said in a statement. 'I am proud that the Financial Services Committee, along with the House Agriculture Committee, took this vital step in advancing the bipartisan CLARITY Act through our Committees,' he continued. 'I thank my colleagues on both sides of the aisle for their support as this bill is one step closer to becoming law.' The CLARITY Act splits regulation of the digital assets market between two regulators — the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill has to be approved by both panels since the House Financial Services Committee oversees the SEC, while the House Agriculture Committee has jurisdiction over the CFTC. The legislation has faced pushback from House Democrats, particularly as President Trump and his family have increasingly expanded their involvement in the crypto space, from meme coins to stablecoins. 'Republicans are jamming through the 'CALAMITY Act,' which not only legitimizes Trump's corruption, but also creates enormous loopholes that expose investors to fraud and weakens our national security,' Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, said Tuesday. Rep. Angie Craig (D-Minn.), the top Democrat on the House Agriculture Committee, offered a more conciliatory tone while still voicing some concerns about the bill. 'The CLARITY Act is not a perfect bill, but it's an important step forward,' Craig said Tuesday, later adding, 'I still believe while many of us are going to vote here today to advance this legislation that there is still some work to do before it gets to the House floor.' The votes to advance the market structure legislation in the House comes as the Senate prepares to hold another key procedural vote on stablecoin legislation Wednesday. Senate Majority Leader John Thune (R-S.D.) moved to end debate Monday on an updated version of the GENIUS Act, which seeks to create a regulatory framework for stablecoins, teeing up the final few votes on the legislation in the upper chamber.
Express Tribune
07-06-2025
- Business
- Express Tribune
Pakistan aims to lead in digital assets race
Listen to article Pakistan's Minister of State for Crypto and Blockchain Bilal Bin Saqib met with top US officials and lawmakers this week in Washington DC to strengthen cooperation in digital assets, blockchain regulation and financial innovation. The minister held discussions with Senator Cynthia Lummis, a key architect of US crypto legislation, along with Senators Bill Hagerty, Rick Scott, Tim Sheehy and Jim Justice, all known advocates for blockchain innovation. He also engaged in deliberations with members of the House Financial Services Committee and White House advisers, according to a news release issued on Friday. "Pakistan is not waiting to catch up; we are here to lead," Bilal remarked. "From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation and global partnerships." The talks focused on Pakistan's recent initiatives, including plans for the Strategic Bitcoin Reserve, a virtual asset regulatory framework and stablecoin adoption to streamline remittances. With $36 billion in annual remittances and a booming freelance sector, Pakistan aims to become a hub for responsible digital finance. "We came to learn, listen and contribute," Bilal added. "Our goal is to adopt the best global ideas for Pakistan's unique needs." The crypto minister's visit signals Pakistan's push to shape the digital economy alongside major players, leveraging its young population and tech potential. In a meeting with US President Donald Trump's Council of Advisers on Digital Assets Executive Director Robert Bo Hines at the White House earlier this week, the state minister discussed the strategic alignment of digital assets, bitcoin integration and the future of decentralised infrastructure. Both sides expressed shared interest in fostering collaboration between the US and Pakistan on digital asset innovation, regulatory coherence and emerging financial technologies. They also deliberated on ways to support innovation ecosystems that empower youth and accelerate economic inclusion through blockchain. Bo Hines leads policy development on digital asset innovation, regulation and emerging financial technologies.
Yahoo
06-06-2025
- Business
- Yahoo
House Dems Get Bonus Hearing on Crypto Market Structure, Assail Trump Conflicts
WASHINGTON, D.C. — U.S. President Donald Trump's crypto ventures were once again under the microscope during a House Financial Services Committee hearing that otherwise saw legal experts express worries about how regulators might police digital assets under a market structure bill. The committee held a "minority day" hearing — meaning the witnesses were primarily picked by the Democrats, the current minority party in the House — on Friday, letting lawmakers ask questions more targeted on concerns they have with the Digital Asset Market Clarity Act, the Republican-led market structure legislation that will receive a markup vote next week. Maxine Waters, the ranking Democrat on the committee who'd demanding this extracurricular hearing after the panel met earlier in the week on the same topic, pointed to Trump's various crypto efforts in her opening statement, saying her goal was to stop Trump from profiting off of his crypto ventures to the extent he has been. "What I'm opposed to in this act … is the crooked president of the United States of America, who's decided to use the office of the presidency to enhance his access to profits," Waters said. Republicans focused on a different tack: "Currently, there is no federal framework for non-security digital assets," Committee Chair French Hill said in his own opening statement, a stance echoed by his colleagues Bryan Steil and Warren Davidson. They contend that Democrats and the administration of former President Joe Biden allowed years to pass in which they failed to protect consumers by offering no rules to oversee crypto. Crypto has driven an ideological wedge into the Democratic Party on Capitol Hill, with many Democrats — typically skewing toward the younger members — supporting the advancement of digital assets legislation despite the direction of their leadership. Most of the Democrats attending this bonus hearing on the Clarity Act were in the crypto-critical camp, though Representative Jim Himes, a Connecticut Democrat, has supported crypto bills in the past and questioned witnesses at the hearing about his concerns that the bill may include loopholes that could allow financial firms to dodge oversight. Himes, a yes vote on last year's predecessor to the Clarity Act — the Financial Innovation and Technology for the 21st Century Act, or FIT21 — said some of the provisions in the new effort may allow for a carveout that can be abused by certain types of issuers under Securities and Exchange Commission regulations. The Clarity Act itself is more complicated than it needs to be and does not address some of the cybersecurity risks posed to the cryptocurrency industry, said Carole House, a former White House adviser who is now a senior fellow at the Atlantic Council GeoEconomics Center. She pointed to recent crypto hacks, including crypto exchange ByBit, as an example. Amanda Fischer, policy director at Better Markets, a Washington group advocating for financial policies that favor the public, said her bigger issue was with the exceptions that exist for companies to seek regulation under the Commodity Futures Trading Commission rather than the Securities and Exchange Commission, saying that it might provide loopholes for issuers or other crypto companies that otherwise would be regulated under the SEC and be subject to securities registration and reporting requirements. But as has been seen in other recent hearings, Trump's crypto ties again reappeared as the star of the show. Bart Naylor, a policy expert at Public Citizen and a former investigator for the Senate Banking Committee, said he believes Trump is specifically soliciting gifts through his memecoin and selling favors through actions like his memecoin dinner or by terminating SEC lawsuits against companies which donated money to him. White House officials have routinely denied Trump is exhibiting a conflict of interests in his pursuit of digital assets business gains. Waters had staged a walkout last month from what was meant to be a joint hearing of this and the House Agriculture Committee on crypto policy, though industry insiders were careful to note that not all the panel's Democrats followed Waters' departure.
The Hill
06-06-2025
- Business
- The Hill
US markets need accountability — it would be a mistake to dismantle Sarbanes-Oxley
Recently, the House Financial Services Committee approved a proposal to dissolve the Public Company Accounting Oversight Board, which supervises audits of publicly listed companies, and transfer its responsibilities to the Securities and Exchange Commission. In times of economic uncertainty, the strength and integrity of our financial systems become even more crucial. Regardless of the outcome with the board, it would be a mistake to eliminate the broader Sarbanes-Oxley framework that has served as a foundation for market integrity since 2002. Dismantling these guardrails would increase the risk of financial reporting fraud that could trigger a crisis of confidence among investors and increased market volatility, putting trillions of dollars in market value and retirement savings at risk. The bipartisan Sarbanes-Oxley Act was enacted in 2002 in the wake of a number of accounting scandals, most prominently Enron and WorldCom, which wiped out billions in market value and retirement savings. It passed with overwhelming support in both houses, reflecting the urgency lawmakers felt to address the crisis threatening our capital markets. At its core, Sarbanes-Oxley established crucial guardrails. Section 404 requires companies to maintain robust internal controls over financial reporting, while Section 302 mandates that CEOs and CFOs personally certify the accuracy of financial statements. These provisions ensure that those who lead corporations are accountable for the integrity of their financial disclosures. Sarbanes-Oxley also established independent oversight of auditors responsible for verifying financial statements. This provided essential third-party assurance that investors could trust what companies report — a crucial element in rebuilding market confidence. Critics of Sarbanes-Oxley complain that compliance costs are a burden on businesses. While initial implementation was indeed expensive, companies have since learned to leverage technology and risk-based approaches to streamline the process. Research from firms like Protiviti and AuditBoard consistently shows that these costs have decreased over time as processes have become more efficient. More importantly, we must weigh these costs against the benefits. The data is compelling: financial restatements, which initially surged after Sarbanes-Oxley implementation as companies 'cleaned up' their books, have shown a sustained downward trend. According to the Center for Audit Quality, restatements rose sharply right after the law was enacted, to nearly 1,800 in 2006, but have generally trended downward overall since — with a substantial decline of 60 percent between 2006 and 2009. Restatements dropped 50 percent, from 858 restatements in 2013 to just 402 in 2022, XBRL reported. America's capital markets remain the envy of the world precisely because investors trust them. Foreign companies willingly subject themselves to our rigorous standards because the resulting investor confidence translates into better valuations and capital access. This trust premium has contributed to trillions in market value growth over the past two decades. As this regulatory reorganization is considered, we should ensure that any structural changes don't inadvertently weaken the broader framework of Sarbanes-Oxley that delivers accountability, transparency and investor protection. Instead, continued refinement of implementation and embracing technological innovations can make compliance more efficient without sacrificing effectiveness. The goal is evolution, not revolution. Twenty-three years after its passage, Sarbanes-Oxley has become an integral part of America's financial architecture, contributing to a period of remarkable growth and stability in our capital markets. The political right and left came together to enact this landmark legislation because they recognized a fundamental truth: without trustworthy financial reporting, markets cannot function effectively. Today, that core principle remains unchanged. While organizational structures may evolve, preserving the integrity of Sarbanes-Oxley's core principles isn't just good for investors — it's essential for America's continued economic leadership. Richard Chambers worked in auditing in the U.S. Government Accountability Office. He is currently CEO of Richard F. Chambers and Associates and senior adviser at AuditBoard.
CNBC
06-06-2025
- Business
- CNBC
Rep. Bryan Steil on the bipartisan push to regulate crypto with the CLARITY Act
Congressman Bryan Steil (R-Wis.) joins CNBC's MacKenzie Sigalos to discuss the House Financial Services Committee hearing on the CLARITY Act — a bipartisan crypto market structure bill aimed at clarifying oversight between the SEC and CFTC.
