A Critical Session on Cryptocurrency Was Held in the U.S. House of Representatives! Here Are the Results.

During the reform session on the structure of the cryptocurrency market held at the U.S. House of Representatives Financial Services Committee, there was a noticeable strengthening of bipartisan consensus on the necessity for regulatory clarity and updated disclosure regimes for digital assets.

According to Fox Business correspondent Eleanor Terrett, witnesses and most legislators agree that a legal framework should be established to protect the crypto industry, as well as other areas that interact with it.

One of the key topics that emerged in the session was the classification of digital assets as commodities and whether the Commodity Futures Trading Commission (CFTC) should be granted broader authority in spot markets. Congress members indicated that these issues are at the center of current legislative efforts.

A notable concern coming from the Democratic side is that President Donald Trump's relationship with the cryptocurrency market could complicate the legislative process. Some Republicans also share this view. Republican Representative French Hill stated last week that the Trump family's connection to memecoins and stablecoins has "made the work more complicated."

On the other hand, witnesses stated that the application of the Howey Test by the Securities and Exchange Commission on (SEC) digital assets has been inadequate, especially regarding secondary market transactions.

During the session, the potential use cases of blockchain technology in sectors outside of finance were also discussed. In particular, it is expected that more details on how blockchain can be utilized in areas such as agriculture will be addressed in the upcoming crypto session at the Agriculture Committee.

It is stated that the sessions in question mark the beginning of the "market structure season," during which the legislative proposals regarding market structure began to take shape, and the first drafts are expected to be presented to the public in the coming weeks.