House Agriculture Committee

Key Insights

• The House Agriculture Committee plays a key role on important crypto policy issues, including: defining which cryptoassets are commodities, setting rules for intermediaries, and overseeing the Commodities Futures Trading Commission (“CFTC”).
• Chairman Glenn Thompson has worked closely with House Financial Services Chairman Patrick McHenry to draft the Financial Innovation and Technology for the 21st Century Act (“FIT 21”).  If FIT 21 or similar market structure legislation gets signed into law, House Ag would continue serving an important oversight role in ensuring the CFTC writes implementation rules consistent with Congressional intent.
• Members’ top focus next year will likely be reauthorizing the farm bill - a comprehensive authorization bill governing a broad array of federal programs related to agriculture, nutrition, forestry, credit, energy, and more.  The current farm bill expires in September 2024. So, its reauthorization could, in theory, provide a legislative vehicle for crypto provisions - though the prospects for this are uncertain.

House Agriculture Committee

Jurisdiction

The House Agriculture Committee (“House Ag”) has jurisdiction over commodities, forestry, nutrition, livestock, rural development, and of course, agriculture. Moreover, the committee has jurisdiction over commodity markets, such as exchanges, and the Commodities Futures Trading Commission. As a result, House Ag plays a key role in crafting legislation affecting cryptoasset commodities and the exchanges on which they trade.