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Trump Memecoins Complicate Legislative Effort, GOP Lawmaker Says
Trump Memecoins Complicate Legislative Effort, GOP Lawmaker Says

Bloomberg

time2 days ago

  • Business
  • Bloomberg

Trump Memecoins Complicate Legislative Effort, GOP Lawmaker Says

House Financial Services Chairman French Hill said activity by President Donald Trump in cryptocurrency and memecoins has complicated work in Congress to pass legislation that's been in the works for years. 'It's absolutely fact,' Hill said, 'the Trump family engagement in the memecoin world has made this work more complicated, because it has distracted, I think our members, both Republican and Democrat, from what we need to do.' He was responding to a question at the Reagan National Economic Forum on Friday in Simi Valley, California.

Arkansas Congressman French Hill reveals digital asset Clarity Act
Arkansas Congressman French Hill reveals digital asset Clarity Act

Finextra

time3 days ago

  • Business
  • Finextra

Arkansas Congressman French Hill reveals digital asset Clarity Act

House Committee on Financial Services Chairman French Hill (R-AR) today introduced the Digital Asset Market Clarity (CLARITY) Act, which would establish a regulatory framework for digital assets in the United States. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. House Committee on Agriculture Chairman G.T. Thompson (R-PA), House Majority Whip Tom Emmer (R-MN), House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (R-WI), House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson (R-SD), Rep. Warren Davidson (R-OH), House Agriculture Committee Ranking Member Angie Craig (D-MN), Rep. Ritchie Torres (D-NY), and Rep. Don Davis (D-NC) are all original co-sponsors. Chairman Hill said, 'I am proud to introduce the bipartisan CLARITY Act with my colleagues. Our bill brings long-overdue clarity to the digital asset ecosystem, prioritizes consumer protection and American innovation, and builds off our work in the 118th Congress. I look forward to delivering our bill to President Trump's desk and securing America's position as the global leader in digital assets.' Chairman Thompson added, "I'm proud to join Chairman Hill, and bipartisan leaders from both our committees in introducing Digital Asset Market Clarity (CLARITY) Act. Today's introduction of CLARITY is an exciting step towards delivering the certainty and clarity digital asset entrepreneurs and markets need. This landmark legislation will protect consumers, unleash entrepreneurship, and ensure the United States sets the global standard for the future of innovation." House Majority Whip Emmer stated, 'This is an important moment for the United States. This bill is a bold step to ensuring that the next iteration of the internet is developed by Americans and driven by our values. I am grateful to my colleagues for all of their work to craft this thoughtful, globally competitive framework, and look forward to working with them to ensure this commonsense legislation is signed into law.' Subcommittee Chairman Steil said, 'The golden age of digital assets is here. America won't just participate in the Web3 revolution; we will win it. The CLARITY Act ensures that financial innovation and development of digital assets occurs here in the United States. Our bill secures American dominance, democratizes digital assets, unleashes innovation, and protects consumers from fraud. Thank you, Chairman Hill and Chairman Thompson, for leading this effort.' Subcommittee Chairman Johnson added, 'America should be the global leader in the digital assets marketplace - but we can't do that without establishing a clear regulatory framework. This legislation gives our markets the clarity they need to thrive, protect consumers, and foster innovation. I'm grateful for the partnership of Chairmen Thompson, Hill, Steil, and Majority Whip Emmer thus far and I'm looking forward to working together to get this landmark legislation across the finish line.' Rep. Davidson said, 'The CLARITY Act creates a clear and effective regulatory framework for digital assets. It protects the right to self-custody and the freedom to transact. These principles are essential for innovation, economic growth, and individual liberty. Since 2018, I've worked to bring legal clarity to digital assets. The CLARITY Act delivers on that goal. I applaud Chairman Hill for his leadership in solidifying the United States' position as a global leader in digital assets." Ranking Member Craig said, 'Digital assets, including crypto currencies, are moving from a unique, novel financial product to becoming more and more integrated with our current financial architecture. I believe it is critical that Congress establish clear protections for consumers and retail investors as well as rules of the road for businesses dealing in digital assets. The bipartisan CLARITY Act will ensure oversight and regulation of digital assets in our financial system so that business owners, innovators and consumers can engage with in these markets knowing what is expected of them.' Rep. Torres said, 'For too long, regulatory uncertainty has held back the full potential of digital innovation in the United States. The CLARITY Act will deliver clear rules of the road that entrepreneurs, investors, and consumers deserve. By protecting consumers, promoting transparency, and closing regulatory gaps, this legislation will ensure that America remains the global leader in digital asset innovation.' Rep. Davis said, 'Families, entrepreneurs, and small businesses across our country, including rural areas in eastern North Carolina, seek ways to engage in the modern economy. Digital assets present a chance for a more inclusive financial future, but we need clear rules and fair oversight for innovation to thrive. Congress must ensure that America shapes digital finance, creates opportunities, protects consumers, and supports overlooked communities.' Further Background on the Committee's work on digital asset market structure legislation: On May 22, 2024, the Financial Innovation and Technology for the 21st Century (FIT21) Act passed the House of Representatives 279-136 with 71 Democrats supporting the bill in the 118th Congress. On April 4, 2025, Chairman Hill and Chairman Thompson published an op-ed in CoinDesk outlining their vision for digital asset market structure legislation for the 119th Congress. On April 9, 2025, the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held its first digital asset market structure hearing of this Congress. On May 5, 2025, Chairman Hill, Chairman Thompson, Subcommittee Chairman Steil, and Subcommittee Chairman Johnson released a digital asset market structure discussion draft to establish a regulatory framework for digital assets in the United States. On May 6, 2025, the House Financial Services and Agriculture Committees held a public joint roundtable discussion on key concepts and principles for digital asset market structure legislation.

US lawmakers introduce bipartisan regulatory framework for digital assets
US lawmakers introduce bipartisan regulatory framework for digital assets

Crypto Insight

time3 days ago

  • Business
  • Crypto Insight

US lawmakers introduce bipartisan regulatory framework for digital assets

US Representative French Hill has announced the introduction of the much-awaited market structure bill for digital assets. The 'Digital Asset Market Clarity Act of 2025' or 'CLARITY Act of 2025' comes with support from lawmakers across both sides of the aisle, including three Democratic co-sponsors. The bill covers the roles of both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital assets oversight, seeking to resolve longstanding questions about which agency oversees which types of digital assets. 'I am proud to introduce the bipartisan CLARITY Act with my colleagues,' Hill said in a May 29 statement. 'Our bill brings long-overdue clarity to the digital asset ecosystem, prioritizes consumer protection and American innovation, and builds off our work in the 118th Congress.' Under the CLARITY Act, developers would be required to provide accurate and relevant disclosures detailing a project's operation, ownership, and structure. The bill also introduces new compliance requirements for customer-facing firms such as brokers and dealers, including clear disclosures to customers, segregation of customer assets from company funds, and mitigation of conflicts of interest through strict registration, transparency, and operational standards. In addition, the Act establishes 'comprehensive registration regimes' that would allow digital asset firms to legally serve customers in the US market. 'The CLARITY Act will deliver clear rules of the road that entrepreneurs, investors, and consumers deserve,' Representative Ritchie Torres said in a statement. The bill emerged from the House Committee on Financial Services. The committee had previously worked on the FIT21 Act, which passed out of the House of Representatives but stalled in the Senate. Hearings for a market structure bill started initially in April within the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. Market structure, stablecoin bills points of emphasis for Congress Market structure and stablecoin bills have long been points of emphasis for Congress, which has sought to regulate the burgeoning crypto industry in the United States. Representative Ro Khanna said in March that Congress 'should be able to get' both a stablecoin bill and a market structure bill done this year. The stablecoin bill, known as the GENIUS Act, faces a full Senate vote after it passed a procedural vote earlier in May. The Trump administration has pushed for the passing of the GENIUS Act, with Treasury Secretary Scott Bessent and Crypto Czar David Sacks both advocating for it publicly. The bill initially lost key support in May from Democrats protesting against US President Donald Trump's crypto ties. Source:

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