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The Week In Crypto Policy: FSOC Hearing; Congress Responds to Bitcoin ETF Approval
Key Insights
- The House Financial Services Subcommittee on Digital Assets held a hearing examining FSOC's impact on innovation at which Members emphasized the need for Congress, rather than regulators, to lead on writing rules for crypto.
- Key Members of Congress applauded the SEC's approval of a spot Bitcoin ETF and called for an investigation into how the agency allowed its Twitter/X account to be compromised.
FSOC Hearing
On Wednesday, the House Financial Services Subcommittee on Digital Assets, FinTech, and Innovation held a hearing examining recent guidance and reports from the Financial Stability Oversight Council and how the interagency body is impacting innovation in the digital asset and fintech space.
Key Takeaways:
- Republicans promoted FIT 21 and the Clarity for Payment Stablecoins Act as solutions to FSOC's previous calls to address regulatory gaps in the spot market for crypto assets that are not securities and stablecoins.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.