The House Financial Services Committee and House Agriculture Committee held a joint meeting to address the lack of government oversight in the digital assets sector. While some members emphasized the need for legislation, Rep. Stephen Lynch expressed concern that creating a separate regulatory regime through legislation could be viewed as a light touch and could encourage other sectors to move their financial products into the digital-assets space.

Lynch's views align with those of SEC Chair Gary Gensler, who believes that current securities law provides ample authority to regulate the crypto industry. Lynch argued that the majority of the industry has failed to comply with existing regulations, and the SEC has a responsibility to protect investors.