ChainCatcher news, according to Crowdfund Insider, U.S. House Financial Services Committee Chairman French Hill and Digital Assets, Fintech, and Artificial Intelligence Subcommittee Chairman Bryan Steil issued a joint statement expressing support for President Trump's signing of an executive order related to digital assets. The two chairmen stated that the President's Digital Asset Market Working Group will strengthen the United States' leadership position on the international stage.It is noteworthy that they also emphasized their stance against the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., believing that this aligns with the goal of protecting the financial privacy of Americans.

ChainCatcher news, Fox Business reporter Eleanor Terrett disclosed on social media that U.S. Congressman French Hill announced that the Financial Services Committee has identified several key positions, including:Vice Chair of the Committee: Bill Huizenga (MI-04)Chair of the Digital Assets, Financial Technology and Artificial Intelligence Subcommittee: Bryan Steil (WI-01)Chair of the National Security and Illicit Finance Subcommittee: Warren Davidson (OH-08)

ChainCatcher news, previously, cryptocurrency supporter and U.S. Representative from Arkansas, French Hill, defeated three other competitors to win the position of Chairman of the Financial Services Committee.Hill currently serves as the Vice Chairman of the committee and heads the subcommittee on Digital Assets, Financial Technology, and Inclusion. He emphasized that he is very grateful for the opportunity to serve as the chairman of the committee.Outgoing Chairman Patrick McHenry praised Hill's leadership skills, particularly his expertise in financial technology and innovation. McHenry stated, "French's experience in the private sector, the Treasury Department, and as Vice Chairman has prepared him well for this role." He emphasized, "Under French Hill's leadership, the Republicans will ultimately establish a clear regulatory framework and strong consumer protections for the digital asset ecosystem based on this Congress." McHenry also highlighted Hill's contributions to advancing key legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21). Hill's appointment has garnered support from leaders in the cryptocurrency industry and lawmakers. Former Acting Comptroller of the Currency and former Chief Legal Officer of cryptocurrency exchange Coinbase, Brian Brooks, praised Hill's "intellect, growth mindset, and innovative outlook."

ChainCatcher News, the new chairman of the U.S. House Financial Services Committee, French Hill, stated that he will focus on easing bank regulations, promoting capital formation to encourage more companies to go public, and addressing issues related to the structure of the cryptocurrency market.In an interview with CNBC, Hill also mentioned that he has not yet decided whether the U.S. should establish a Bitcoin reserve.

ChainCatcher news, according to The Block, U.S. House Financial Services Committee senior Democrat Maxine Waters stated that she hopes to reach a "significant agreement" on stablecoin legislation by the end of this year.Waters emphasized that the new legislation should prioritize consumer protection and strong federal oversight, while allowing multiple pathways to create stablecoins, but the Federal Reserve must play a leading role.

ChainCatcher news, Fox Business reporter Eleanor Terrett disclosed on the X platform that all five members of the U.S. SEC are preparing to testify before the House Financial Services Committee next Tuesday. This will be the first time since 2019 that the entire SEC, not just the chairman, will testify together.Gary Gensler himself will testify separately in the Senate next Wednesday.

ChainCatcher News: The U.S. House Financial Services Committee plans to hold several hearings in September, focusing on issues related to cryptocurrency, including decentralized finance (DeFi), the regulation by the U.S. Securities and Exchange Commission (SEC), and the impact of "pig butchering" scams.The first hearing on September 10 will focus on DeFi, followed by a hearing on SEC enforcement and "pig butchering" scams on September 18. The full committee hearing on September 23 will involve testimony from the SEC, with an expected focus on the regulation of digital assets. Committee Chairman Patrick McHenry, who is set to retire, has expressed a desire to complete cryptocurrency legislation by the end of the year.

ChainCatcher news, according to foxbusiness, U.S. House Financial Services Committee Vice Chairman French Hill is leading the push for the Nigerian government to release detained Binance executive Tigran Gambaryan.It is reported that U.S. citizen and former IRS agent Tigran Gambaryan, who serves as the compliance officer at Binance, traveled to Nigeria in February to meet with government officials on behalf of Binance but has been held in a Nigerian prison for nearly four months on "fabricated" charges of money laundering and tax evasion. Hill stated that he plans to call U.S. State Department Special Presidential Envoy for Hostage Affairs Roger Carstens in the coming days to seek advice on the Gambaryan case.He also plans to consult with Gambaryan's lawyer and family, as well as Congressman Rich McCormick, who represents Gambaryan's home district in Georgia's 6th Congressional District. Hill pointed out, "Tigran Gambaryan is a pawn in Nigeria's political struggle. He needs to be brought back to his home in the United States, and then Binance can continue to communicate with Nigeria."

ChainCatcher News, the House Financial Services Committee Republicans stated on social media that President Biden vetoed the SAB 121 bill, which is very disappointing. This move disregards multiple bipartisan votes, sending a clear message to the government that its stance on digital asset policy is wrong. Congress will continue to strive for clarity in digital asset regulation.

ChainCatcher news, Fox reporter Eleanor Terrett posted on social media that the U.S. House Financial Services Subcommittee on Digital Assets will hold a hearing next Wednesday to discuss the topic of tokenizing real-world assets.

ChainCatcher News, U.S. House Financial Services Committee Chairman Patrick McHenry accused Securities and Exchange Commission (SEC) Chairman Gary Gensler of making misleading statements to Congress regarding the classification of Ethereum (ETH).McHenry stated on social media that Gensler refused to answer questions about how the SEC defines Ethereum during a congressional hearing, but new court documents reveal that the SEC intentionally attempted to distort its position.It is reported that the lawsuit documents recently filed by Consensys against the SEC disclose that just days before Gensler testified in April 2023, the SEC had already begun investigating the nature of Ethereum. Currently, the SEC has not responded to McHenry's allegations. Industry lawyers point out that the SEC's investigation into whether a project violates federal securities laws does not equate to establishing a policy position.

ChainCatcher news, according to The Block, U.S. Congressman French Hill from Arkansas is running to become the next chairman of the House Financial Services Committee. This Arkansas Republican, who has a friendly attitude towards cryptocurrency, is seeking to replace the current chairman, Patrick McHenry from North Carolina.It is reported that Patrick McHenry has announced his plan to retire in early 2025.

ChainCatcher News, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), will testify on September 27 at 10:00 PM during a hearing held by the U.S. House Financial Services Committee regarding SEC oversight issues.According to the committee's memorandum, this hearing will review the regulatory developments, rulemaking, and activities of the SEC over a period of time since October 5, 2021, including the issuance of Staff Accounting Bulletin No. 121 by SEC staff on March 24, 2022, which requires reporting entities engaged in digital asset custody activities to record corresponding liabilities for the assets; and the SEC's proposal to amend the definition of "exchange" on March 18, 2022, expanding the SEC's authority over digital asset trading platforms, among others.

ChainCatcher News, the U.S. House Financial Services Committee has approved a bill aimed at obstructing the issuance of a central bank digital currency (CBDC) in the United States, which will subsequently be reviewed in the House. The bill aims to prohibit any CBDC pilot projects, ban the Federal Reserve from issuing retail digital currencies that could be used for citizen surveillance, and require government-backed tokens to obtain explicit authorization from Congress before making any progress.Additionally, U.S. House Financial Services Committee Chairman Patrick McHenry stated, "This bill will ensure that any U.S. CBDC must receive explicit authorization from Congress and protect the privacy of Americans and our financial system from the risks that a CBDC may pose."

ChainCatcher News: U.S. House Financial Services Committee Chairman Patrick McHenry, Financial Technology and Inclusion Subcommittee Chairman French Hill, and Oversight and Investigations Subcommittee Chairman Bill Huizenga have written to Federal Reserve Chairman Jerome Powell, opposing the Fed's recent regulatory letters that undermine Congress's progress in legislating a regulatory framework for payment stablecoins.The letter states: "We write to express our concerns regarding the Federal Reserve's recent regulatory letters, as we fear these actions will undermine Congress's progress in establishing a regulatory regime for payment stablecoins. Furthermore, if these letters continue to exist, they will undoubtedly deter financial institutions from participating in the digital asset ecosystem.""In fact, the Committee's approach has established a clear and permissive framework for regulated entities, including banks under the Fed's jurisdiction, to issue payment stablecoins. This legislation imposes strict standards on all payment stablecoin issuers regarding reserves, disclosures, redemptions, liquidity, and risk management to ensure the integrity of payment stablecoins. However, the two regulatory letters from the Fed are contrary to this practice.""By issuing these two letters, the Fed has effectively chosen to prevent banks from issuing payment stablecoins or participating in the payment stablecoin ecosystem. It is clear that the Fed does not intend to allow any such activities, at least those related to public, permissionless blockchains."

ChainCatcher News, U.S. House Financial Services Committee Chairman Patrick McHenry issued a statement expressing strong dissatisfaction with the proposed regulations regarding digital asset reporting requirements under the Infrastructure Investment and Jobs Act released by the U.S. Department of the Treasury and the Internal Revenue Service (IRS).Chairman McHenry stated, "This proposed regulation on digital asset reporting requirements is yet another front in the Biden administration's ongoing assault on the digital asset ecosystem."He emphasized that while the delayed effective date and exemptions for other activities in the proposed regulations align with his bipartisan bill, the "Keeping American Innovation Act," there are multiple shortcomings in other respects.Chairman McHenry urged the Biden administration to end its efforts to suppress the U.S. digital asset ecosystem and to work with Congress to provide clear rules for the industry. He also expressed his anticipation of advancing his bipartisan solution—the "Keeping American Innovation Act"—to amend these misleading reporting requirements, protect the privacy of market participants, and ensure the U.S. digital asset ecosystem can thrive.

ChainCatcher News: Following PayPal's announcement of its payment stablecoin, U.S. House Financial Services Committee Chairman Patrick McHenry stated, "If issued under a clear regulatory framework, stablecoins have the potential to become the backbone of our 21st-century payment system." McHenry noted, "The bipartisan Stablecoin Transparency Act recognizes the important role states play in regulating digital asset companies and builds upon successful state frameworks, such as New York's. We are currently at a crossroads in maintaining America's leadership in digital asset innovation. Congress is making significant, bipartisan progress on legislative issues to ensure that the U.S. leads the future financial system. We must get this done."Previously, the House Financial Services Committee passed the bipartisan "Stablecoin Transparency Act," which establishes a regulatory pathway for the approval and oversight of stablecoin issuers while creating uniform federal minimum standards for payment stablecoins.

ChainCatcher News, the U.S. House Financial Services Committee tweeted that the Financial Services Committee has officially passed the "Stablecoin Transparency Act."

ChainCatcher News, U.S. Congressman Tom Emmer stated on his social media that his proposed Blockchain Regulatory Certainty Act has just passed the House Financial Services Committee. This bill codifies key Treasury Department guidelines established during the Obama administration and revised during the Trump administration, ensuring that developers and non-custodial service providers in the crypto space (miners, validators, wallet providers) are not classified as Money Transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. (Source link)