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US House Agricultural Committee Holds Hearing on Digital Asset Regulation Draft Bill

The United States House of Representatives Agricultural Committee held a hearing on digital asset regulation with an impressive lineup of regulators, including the current and former chairs of the Commodity Futures Trading Commission (CFTC) and Coinbase's chief legal officer.

The hearing focused on a draft bill authored by committee chair Glenn Thompson and House Financial Services Committee chair Patrick McHenry, which aims to cover gaps in current federal laws and regulations for digital assets.

The bill would change the method of defining securities and commodities based on how the asset was traded and level of decentralization. However, Democratic committee members expressed concerns about the complexity of the 162-page bill and the lack of a funding mechanism for the CFTC, which would require an additional $120 million over three years to cover the regulatory gap.

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