The Week In Crypto Policy: Four Hearings, SAB 121 Vote, Approps Amendments

Key Insights

• The Senate Agriculture Committee's hearing on digital commodities largely focused on protecting retail customers.
  • Senator Stabenow plans to share new bill text this week, but Senator Boozman is not yet ready to sign on, citing concerns by industry stakeholders.
• House efforts to override President Biden's veto of a SAB 121 repeal resolution fell short (228-184; a 2/3 vote was needed), but Members may try to include a repeal in a must-pass bill later this Congress, and the SEC may be granting exemptions to certain banks.
• At a House hearing on international finance, lawmakers questioned Sec. Yellen on market structure, DeFi, custody, and illicit finance.
• Amendments to a House appropriations bill that would boost funding for Treasury to combat illicit finance and study tokenization of real-world assets are pending in the House Rules Committee.
• At a Senate nominations hearing, Senator Hagerty criticized SEC Commissioner Crenshaw's “hostility” towards the crypto industry, and Senator Lummis encouraged FDIC Chair nominee Christy Romero to ensure crypto firms have fair access to banks.