U.S. House Sparks Renewed Push for Crypto Regulation, Hopes for Clarity in 2022

U.S. legislators are advocating for clearer regulations on crypto to maintain the $2.7 trillion crypto industry in the U.S.

U.S. Congress is witnessing a renewed effort to establish regulatory clarity on crypto. On April 9, the House financial services committee’s subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence conducted a hearing on crypto regulation. The objective of the hearing was to harmonize U.S. securities laws with the digital age’s realities, especially concerning crypto assets.

In his testimony to the committee, House Financial Services Committee Chairman French Hill praised the committee’s “bipartisan efforts to bring clarity and stability” to crypto assets. He also expressed his hope for significant legislation by the end of 2025.

WATCH: Chairman @RepFrenchHill gives opening remarks at today’s Subcommittee hearing:

“It is essential for us to build on that momentum and continue striving towards a comprehensive regulatory framework that establishes clear rules for digital asset markets.”

📺⬇️ pic.twitter.com/sEg0jHeshS

— Financial Services GOP (@FinancialCmte) April 9, 2025

“It is essential for us to build on that momentum and continue striving towards a comprehensive regulatory framework that establishes clear rules for digital asset markets… I look forward to hearing from our witnesses today and collaborating with colleagues to achieve this goal by the end of the year,” Rep. French Hill

The committee emphasizes the importance of the SEC

Despite expressing concerns about the SEC, particularly under Gary Gensler, committee members acknowledged the SEC’s regulatory role. Subcommittee chairman Bryan Steil mentioned that the SEC would oversee token offerings regulation.

“At the same time, the Committee believes that the U.S. Securities and Exchange Commission should have a role in the digital asset ecosystem. For instance, the Committee believes that entities raising capital through new digital asset sales should be under the SEC’s jurisdiction,” Rep. Bryan Steil

This would likely exclude memecoins, as the SEC, under Gensler’s leadership, determined that memecoins do not qualify as securities. The rationale was that memecoins lacked utility and were more in line with collectibles.

The committee encountered opposition, notably when Rep. Maxine Waters spoke out. She accused committee members of showing favoritism towards Donald Trump’s crypto endeavors, allowing him to become the “crypto king.”

The hearing is part of the current regulatory initiative to provide transparency to crypto assets in the U.S. For example, on May 22, the U.S. House passed the Financial Innovation and Technology for the 21st Century Act with bipartisan backing.

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