U.S. House Committee on Financial Services
financialservices.house.gov
5 stories credited to U.S. House Committee on Financial Services
Latest story Apr 16, 2026 · on ChamberLight since Apr 2026
A story can appear as several articles (copies of the same piece), so counts of stories and of articles differ.
Scores for U.S. House Committee on Financial Services
Writing quality not enough rated stories yet: 2 of 10. How it is measured
Scores last checked Sep 25, 2026.
Stories ChamberLight collected, by month
Stories credited to U.S. House Committee on Financial Services, by publication date. ChamberLight collects articles that mention the officials it tracks, so this shows its own coverage of this source, not how much the source publishes.
- Stories from U.S. House Committee on Financial Services
- Shaded: ChamberLight collected no stories, or almost none, from any outlet (a gap in its collection, not in the outlet’s publishing)
Show as a table
| Month | Stories | All outlets |
|---|---|---|
| March 2026 | 2 | 365 |
| April 2026 | 3 | 4,537 |
| May 2026 | 0 | none collected |
| June 2026 | 0 | none collected |
| July 2026 | 0 | none collected |
| August 2026 | 0 | 1 (collection gap) |
| September 2026 | 0 | 598 |
Top topics
Share of this source’s stories tagged with each topic. A story can carry several topics, so the shares do not add up to 100%.
- Economy5
100% of 5 stories · 24% across all outlets
- Technology/Privacy4
80% of 5 stories · 9% across all outlets
- Ethics/Corruption3
60% of 5 stories · 56% across all outlets
- Criminal Justice2
40% of 5 stories · 18% across all outlets
- Infrastructure1
20% of 5 stories · 7% across all outlets
The thin mark on each bar is the topic’s share across all outlets.
Who they cover
Party of the officials these stories are mainly about, across all 11 officials named. A story counts once for each official it is mainly about, so the split is over 15 story–official pairs, from 5 stories.
- Republican100% · 15 pairs
Most covered
Stories mainly about each official, and their share of the source’s 5 stories.
- 1Ann WagnerR3 stories · 60%
- 2Andy BarrR2 stories · 40%
- 3Bryan SteilR2 stories · 40%
- 4Frank LucasR1 story · 20%
- 5Marlin StutzmanR1 story · 20%
- 6Roger WilliamsR1 story · 20%
- 7Tim MooreR1 story · 20%
- 8Troy DowningR1 story · 20%
- 9William TimmonsR1 story · 20%
- 10Young KimR1 story · 20%
+ 1 other official (1 story–official pair)
Article tone
ChamberLight’s article analysis assigns each story a tone toward the official it covers. It describes the coverage of that official, not U.S. House Committee on Financial Services’s stance, and reader votes do not change it. 5 stories.
- Good Look
- 3 (60%)
- Mixed
- 2 (40%)
- Informational
- 0 (0%)
- Bad Look
- 0 (0%)
Challenges to these scores
No one has challenged a score on this page yet. Anyone can; editors publish every outcome here.
Articles served from financialservices.house.gov
15Barr: A Credit Reporting System That Ignores Real Obligations Is Not More Fair; It's Simply Less Accurate
Today, the House Financial Services Committee is holding a Subcommittee on Financial Institutions hearing, led by Subcommittee Chairman Andy Barr (KY-06), to examine the consumer credit reporting market and the importance of accurate credit reports for risk management and access to credit. Read Subcommittee Chairman Barr's opening remarks as prepared for delivery: "I want to thank our witnesses for appearing before us today, and I look forward to a constructive discussion on access to credit and the future of our credit reporting system. "Access to credit is fundamental to economic mobility. It is the foundation that provides families the opportunity to buy homes. It gives Main Street small businesses leverage to grow. And it provides individuals the flexibility to manage through both opportunity and hardship. "At the center of that system is the Fair Credit Reporting Act—a law that, for decades, has aimed to balance two core objectives: consumer protection and enabling the responsible flow of reliable information that lenders rely on to provide credit. "For decades, that balance has helped create one of the most robust and accessible credit markets in the world. But today that balance is being tested. "We’re seeing increasing pressure to weaken the completeness of credit reporting – whether by removing entire categories of debt or by promoting reporting systems that only consider positive information. Let’s be clear: a credit reporting system that ignores real obligations is not more fair; it’s simply less accurate. And when accuracy suffers, access to credit suffers with it. "Lenders rely on a full picture of risk. If that picture is incomplete, they don’t simply absorb more risk without consequence– they pull back, raise prices, or both. That ultimately hurts the very consumers these proposals claim to help. It also threatens the safety and soundness of our financial institutions, who no longer understand the risks on their balance sheet. "At the same time, the system is facing growing strain from another direction: the rise in questionable and duplicative complaints in the CFPB’s consumer complaint database. "Consumer protections are essential and dispute mechanisms are a cornerstone of the Fair Credit Reporting Act – ensuring the accuracy that is the center of our robust consumer reporting system. "But when furnishers and consumer reporting agencies are flooded with frivolous or even fraudulent submissions, it undermines their credibility, slows down the resolution of legitimate claims, and increases costs across the system. "If we want these tools to work for consumers, they must be rooted in accountability and good faith. Strengthening the integrity of the CFPB’s consumer complaint database as my Eliminating Fraud in the CFPB’s Consumer Complaint Database Act would do is not about limiting consumer rights – it’s about preserving them. "We also should be focused on expanding opportunities in ways that are consistent with safety and soundness. Millions of Americans are credit invisible not because they lack fiscal responsibility, but because the system doesn’t fully capture it. "Responsible use of additional data – like rent, telecom, and utility payments – can help bring more people into the financial system without distorting risk. "I look forward to hearing from our witnesses and working with my colleagues on both sides of the aisle to get this right." ###
Capital Markets Subcommittee Examines Policies to Combat Financial Fraud
Full Committee Chairman French Hill (AR-02) said, “Between 2020 and 2024, so since the pandemic, securities and investment fraud offenses have ...
Wagner: This Is a Global Problem That Calls For a Multi-Level, Intergovernmental Approach
Today, the the House Financial Services Committee is holding a Capital Markets Subcommittee hearing, led by Subcommittee Chairman Ann Wagner (MO-02), to examine securities fraud and financial exploitation, evaluate current enforcement tools, and identify gaps that may undermine market integrity and investor confidence. Read Subcommittee Chairman Wagner's opening remarks as prepared for delivery: "Good morning. I want to start by thanking our witnesses for being here today to discuss this important topic. This hearing builds on the Committee’s work to protect American investors from financial fraud. "In 2024, investment scams accounted for nearly half of the 12 billion dollars Americans lost to financial exploitation, representing a 24 percent increase from the previous year. "Securities fraud can take many forms – from pump-and-dump schemes where scammers use false information to pump up stock prices only to dump their shares and swindle everyday investors, to account takeovers where hackers hijack brokerage accounts and send assets to untraceable locations. "These scams ranked as the FBI’s fourth most frequently reported cybercrime, yet they caused the highest total financial losses to investors. Criminals are targeting our most vulnerable citizens, including seniors and adults with impairments. "Today is Tax Day, and now that the Working Families Tax Cut ensures that seniors have No Tax on Social Security, we need to make sure they are protected from these scams. The FBI reported that people over the age of 60 lost more money to fraud than any other demographic. But these statistics are more than just numbers. They represent real pain to families and businesses across the country. "Retirement funds erased, emergency savings gone, and hard-earned investments wiped away in an instant. These threats not only hurt American citizens but undermine the integrity of our capital markets as a whole. When bad actors exploit the markets for their own gain, Main Street loses trust that their investments are safe. "Unfortunately, new technologies have allowed scammers to proliferate fraud on a larger scale than ever before, much of which is coordinated across social media platforms and encrypted messaging apps. Criminals can now create websites that look identical to your broker-dealer’s, siphoning away money you thought was secure. "Artificial intelligence opens new frontiers for scams through faked voices and altered videos, with scammers masquerading as loved ones or a trusted financial advisor. On top of that, we now have overseas scam centers operating at an industrial scale far from the reach of U.S. law enforcement. "We’ve seen Chinese companies listed on our stock exchanges take part in ramp-and-dump schemes where scammers ramp up a stock’s price through bots and fake accounts to then dump their stock at a peak and profit at the expense of American investors. "This is a global problem that calls for a multi-level, intergovernmental approach. That’s why I’m glad regulators and industry stakeholders have made this a top priority, including the SEC under Chairman Atkins, which has targeted malicious foreign actors through the Commission’s Cross-Border Task Force. "Fighting fraud and exploitation is not a partisan issue, it’s about protecting the Main Street investors who put their trust in our capital markets. Our witnesses today bring deep experience in financial regulation, law enforcement, market mechanics, and fraud prevention. I look forward to today’s discussion." ###
Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Reviews Regulators’ Efforts to Keep Pace with Financial Innovation
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, led by Chairman Bryan Steil (WI-01), examined how federal financial regulators prioritize innovation initiatives and are adapting to rapid technological change. On Regulators Prioritizing Innovation: Full Committee Chairman French Hill (AR-02) said, “Financial innovation is accelerating rapidly. Federal agencies have to keep pace with these new technologies, and that is a challenge inside a big federal compliance and supervisory bureaucracy. This raises important questions about whether the agencies have the structure and the expertise to respond effectively, and we must ensure that our regulators evolve alongside the markets, the very markets that they oversee.” Subcommittee Chairman Steil said, "Agencies need the tools, expertise, and flexibility to understand emerging risks without stifling the innovation that drives economic growth. That means embracing new supervisory technologies, investing in talent, and engaging directly with innovators, not as adversaries, but as partners in building a safer and more resilient system." On Reversing the Biden Administration’s Anti-Crypto Agenda: Rep. Marlin Stutzman (IN-03) said, “During the Biden Administration, the Fed established the Novel Activities Supervision Program through Supervision and Regulation Letter 23-7. This program was a part of the Biden Administration's Operation Chokepoint 2.0 and stifled digital asset innovation through burdensome requirements imposed on financial institutions. This Committee has helped President Trump reverse the Biden Administration's anti-innovation agenda, including Operation Chokepoint 2.0 through stablecoin and digital asset market structure legislation.” On Balancing Technological Advancement with Regulatory Certainty: Rep. William Timmons (SC-04) said, “I often emphasize the need to bring stability and consistency to the agencies under this Committee's jurisdiction. Sharp swings in policy between administrations can create uncertainty, discourage investment, and make it harder for American firms to plan and grow. Providing clear direction and oversight is one of Congress's most important responsibilities, especially in fast moving sectors. Nowhere is that more important than in digital assets and emerging technologies.” Rep. Zach Nunn (IA-03) said, “Artificial intelligence is already driving real benefits by expanding our financial sector, lowering costs, and helping institutions serve our customers better. And we all agree this is a good thing. But as adoption accelerates, so do the risks, including fraud, misinformation, and adversaries using these very tools against us. We have seen clearly a direction from Congress that is working. The Administration's artificial intelligence framework points in the same direction.” Rep. Troy Downing (MT-02) said, “I was the Commissioner of Securities and Insurance for the state of Montana, but one of the things that we explored were regulatory sandboxes and had some success there trying to, you know, find a way to try innovative projects that didn't quite fit within the regulatory framework and give them some runway to figure that out.” Witnesses Echoed the Work of the Committee: Mr. Randall Guynn, Director, Division of Supervision and Regulation, Federal Reserve Board said, “Artificial intelligence (AI) has been around in various forms for some time, and Federal Reserve supervisory staff have continually monitored banks’ use of it. Many variations of AI, like machine learning, have been in use for years and banks often deploy these mature, time-tested capabilities at their firms. For instance, some firms use machine learning tools in fraud detection and prevention. The use of AI has grown markedly over the past several years at supervised banks, which are deploying both in-house and vendor products. AI can improve operational efficiencies, enhance risk management capabilities, generate new content, and provide new analytical insights.” Mr. Jay Gallagher, Senior Deputy Comptroller and Chief of National Bank Examiner, Office of the Comptroller of the Currency said, “In addition to implementing a federal framework for permitted payment stablecoin issuers, the OCC is facilitating the adoption of AI by interested banks to improve business functions. The use of AI among banks is not new. However, recent developments, particularly generative and agentic AI, offer banks opportunities to automate and improve core operational, customer service, and other activities in novel ways. As these technologies evolve, the OCC aims to ensure adoption proceeds in a manner consistent with safety, soundness, and applicable law. Many banks utilize third-party technology providers to gain a competitive edge in a rapidly evolving marketplace. As the market continues to evolve, the OCC is actively developing regulatory approaches that right size supervisory expectations, emphasize institution-specific risk management, and position the OCC to support community banks that utilize these relationships.” Mr. Ryan Billingsley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation said, “We are seeing firsthand how banks are adopting a range of technologies to improve operational efficiencies, expand product offerings to meet customer needs, and enhance customer interactions. Banks have increasingly utilized AI and machine learning in a range of areas, including fraud detection, anti-money laundering and countering the financing of terrorism (AML/CFT) processes, and credit underwriting. For example, some banks have used AI and cash flow data to assist in underwriting for those who may not have access to credit under more traditional underwriting methods.” Ms. Amanda Parkhill, Acting Director, Office of Examination and Insurance, National Credit Union Administration said, “Credit unions have a long history of embracing technologies that enhance member experience and service quality and have expanded into using AI powered tools- including automated loan underwriting, virtual assistants for member service, and fraud detection software. The financial services industry is evolving rapidly with advances in AI, blockchain, and digital assets. As credit unions evaluate, implement, and manage various technologies, NCUA recognizes the importance of supporting them in these endeavors. To that end, the agency added an AI Resources page to our website in August 2025.” ###
Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Reviews Regulators’ Efforts to Keep Pace with Financial Innovation
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, led by Chairman Bryan Steil (WI-01), examined how federal financial regulators prioritize innovation initiatives and are adapting to rapid technological change. On Regulators Prioritizing Innovation: Full Committee Chairman French Hill (AR-02) said, “Financial innovation is accelerating rapidly. Federal agencies have to keep pace with these new technologies, and that is a challenge inside a big federal compliance and supervisory bureaucracy. This raises important questions about whether the agencies have the structure and the expertise to respond effectively, and we must ensure that our regulators evolve alongside the markets, the very markets that they oversee.” Subcommittee Chairman Steil said, "Agencies need the tools, expertise, and flexibility to understand emerging risks without stifling the innovation that drives economic growth. That means embracing new supervisory technologies, investing in talent, and engaging directly with innovators, not as adversaries, but as partners in building a safer and more resilient system." On Reversing the Biden Administration’s Anti-Crypto Agenda: Rep. Marlin Stutzman (IN-03) said, “During the Biden Administration, the Fed established the Novel Activities Supervision Program through Supervision and Regulation Letter 23-7. This program was a part of the Biden Administration's Operation Chokepoint 2.0 and stifled digital asset innovation through burdensome requirements imposed on financial institutions. This Committee has helped President Trump reverse the Biden Administration's anti-innovation agenda, including Operation Chokepoint 2.0 through stablecoin and digital asset market structure legislation.” On Balancing Technological Advancement with Regulatory Certainty: Rep. William Timmons (SC-04) said, “I often emphasize the need to bring stability and consistency to the agencies under this Committee's jurisdiction. Sharp swings in policy between administrations can create uncertainty, discourage investment, and make it harder for American firms to plan and grow. Providing clear direction and oversight is one of Congress's most important responsibilities, especially in fast moving sectors. Nowhere is that more important than in digital assets and emerging technologies.” Rep. Zach Nunn (IA-03) said, “Artificial intelligence is already driving real benefits by expanding our financial sector, lowering costs, and helping institutions serve our customers better. And we all agree this is a good thing. But as adoption accelerates, so do the risks, including fraud, misinformation, and adversaries using these very tools against us. We have seen clearly a direction from Congress that is working. The Administration's artificial intelligence framework points in the same direction.” Rep. Troy Downing (MT-02) said, “I was the Commissioner of Securities and Insurance for the state of Montana, but one of the things that we explored were regulatory sandboxes and had some success there trying to, you know, find a way to try innovative projects that didn't quite fit within the regulatory framework and give them some runway to figure that out.” Witnesses Echoed the Work of the Committee: Mr. Randall Guynn, Director, Division of Supervision and Regulation, Federal Reserve Board said, “Artificial intelligence (AI) has been around in various forms for some time, and Federal Reserve supervisory staff have continually monitored banks’ use of it. Many variations of AI, like machine learning, have been in use for years and banks often deploy these mature, time-tested capabilities at their firms. For instance, some firms use machine learning tools in fraud detection and prevention. The use of AI has grown markedly over the past several years at supervised banks, which are deploying both in-house and vendor products. AI can improve operational efficiencies, enhance risk management capabilities, generate new content, and provide new analytical insights.” Mr. Jay Gallagher, Senior Deputy Comptroller and Chief of National Bank Examiner, Office of the Comptroller of the Currency said, “In addition to implementing a federal framework for permitted payment stablecoin issuers, the OCC is facilitating the adoption of AI by interested banks to improve business functions. The use of AI among banks is not new. However, recent developments, particularly generative and agentic AI, offer banks opportunities to automate and improve core operational, customer service, and other activities in novel ways. As these technologies evolve, the OCC aims to ensure adoption proceeds in a manner consistent with safety, soundness, and applicable law. Many banks utilize third-party technology providers to gain a competitive edge in a rapidly evolving marketplace. As the market continues to evolve, the OCC is actively developing regulatory approaches that right size supervisory expectations, emphasize institution-specific risk management, and position the OCC to support community banks that utilize these relationships.” Mr. Ryan Billingsley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation said, “We are seeing firsthand how banks are adopting a range of technologies to improve operational efficiencies, expand product offerings to meet customer needs, and enhance customer interactions. Banks have increasingly utilized AI and machine learning in a range of areas, including fraud detection, anti-money laundering and countering the financing of terrorism (AML/CFT) processes, and credit underwriting. For example, some banks have used AI and cash flow data to assist in underwriting for those who may not have access to credit under more traditional underwriting methods.” Ms. Amanda Parkhill, Acting Director, Office of Examination and Insurance, National Credit Union Administration said, “Credit unions have a long history of embracing technologies that enhance member experience and service quality and have expanded into using AI powered tools- including automated loan underwriting, virtual assistants for member service, and fraud detection software. The financial services industry is evolving rapidly with advances in AI, blockchain, and digital assets. As credit unions evaluate, implement, and manage various technologies, NCUA recognizes the importance of supporting them in these endeavors. To that end, the agency added an AI Resources page to our website in August 2025.” ###
Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Reviews Regulators’ Efforts to Keep Pace with Financial Innovation
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, led by Chairman Bryan Steil (WI-01), examined how federal financial regulators prioritize innovation initiatives and are adapting to rapid technological change. On Regulators Prioritizing Innovation: Full Committee Chairman French Hill (AR-02) said, “Financial innovation is accelerating rapidly. Federal agencies have to keep pace with these new technologies, and that is a challenge inside a big federal compliance and supervisory bureaucracy. This raises important questions about whether the agencies have the structure and the expertise to respond effectively, and we must ensure that our regulators evolve alongside the markets, the very markets that they oversee.” Subcommittee Chairman Steil said, "Agencies need the tools, expertise, and flexibility to understand emerging risks without stifling the innovation that drives economic growth. That means embracing new supervisory technologies, investing in talent, and engaging directly with innovators, not as adversaries, but as partners in building a safer and more resilient system." On Reversing the Biden Administration’s Anti-Crypto Agenda: Rep. Marlin Stutzman (IN-03) said, “During the Biden Administration, the Fed established the Novel Activities Supervision Program through Supervision and Regulation Letter 23-7. This program was a part of the Biden Administration's Operation Chokepoint 2.0 and stifled digital asset innovation through burdensome requirements imposed on financial institutions. This Committee has helped President Trump reverse the Biden Administration's anti-innovation agenda, including Operation Chokepoint 2.0 through stablecoin and digital asset market structure legislation.” On Balancing Technological Advancement with Regulatory Certainty: Rep. William Timmons (SC-04) said, “I often emphasize the need to bring stability and consistency to the agencies under this Committee's jurisdiction. Sharp swings in policy between administrations can create uncertainty, discourage investment, and make it harder for American firms to plan and grow. Providing clear direction and oversight is one of Congress's most important responsibilities, especially in fast moving sectors. Nowhere is that more important than in digital assets and emerging technologies.” Rep. Zach Nunn (IA-03) said, “Artificial intelligence is already driving real benefits by expanding our financial sector, lowering costs, and helping institutions serve our customers better. And we all agree this is a good thing. But as adoption accelerates, so do the risks, including fraud, misinformation, and adversaries using these very tools against us. We have seen clearly a direction from Congress that is working. The Administration's artificial intelligence framework points in the same direction.” Rep. Troy Downing (MT-02) said, “I was the Commissioner of Securities and Insurance for the state of Montana, but one of the things that we explored were regulatory sandboxes and had some success there trying to, you know, find a way to try innovative projects that didn't quite fit within the regulatory framework and give them some runway to figure that out.” Witnesses Echoed the Work of the Committee: Mr. Randall Guynn, Director, Division of Supervision and Regulation, Federal Reserve Board said, “Artificial intelligence (AI) has been around in various forms for some time, and Federal Reserve supervisory staff have continually monitored banks’ use of it. Many variations of AI, like machine learning, have been in use for years and banks often deploy these mature, time-tested capabilities at their firms. For instance, some firms use machine learning tools in fraud detection and prevention. The use of AI has grown markedly over the past several years at supervised banks, which are deploying both in-house and vendor products. AI can improve operational efficiencies, enhance risk management capabilities, generate new content, and provide new analytical insights.” Mr. Jay Gallagher, Senior Deputy Comptroller and Chief of National Bank Examiner, Office of the Comptroller of the Currency said, “In addition to implementing a federal framework for permitted payment stablecoin issuers, the OCC is facilitating the adoption of AI by interested banks to improve business functions. The use of AI among banks is not new. However, recent developments, particularly generative and agentic AI, offer banks opportunities to automate and improve core operational, customer service, and other activities in novel ways. As these technologies evolve, the OCC aims to ensure adoption proceeds in a manner consistent with safety, soundness, and applicable law. Many banks utilize third-party technology providers to gain a competitive edge in a rapidly evolving marketplace. As the market continues to evolve, the OCC is actively developing regulatory approaches that right size supervisory expectations, emphasize institution-specific risk management, and position the OCC to support community banks that utilize these relationships.” Mr. Ryan Billingsley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation said, “We are seeing firsthand how banks are adopting a range of technologies to improve operational efficiencies, expand product offerings to meet customer needs, and enhance customer interactions. Banks have increasingly utilized AI and machine learning in a range of areas, including fraud detection, anti-money laundering and countering the financing of terrorism (AML/CFT) processes, and credit underwriting. For example, some banks have used AI and cash flow data to assist in underwriting for those who may not have access to credit under more traditional underwriting methods.” Ms. Amanda Parkhill, Acting Director, Office of Examination and Insurance, National Credit Union Administration said, “Credit unions have a long history of embracing technologies that enhance member experience and service quality and have expanded into using AI powered tools- including automated loan underwriting, virtual assistants for member service, and fraud detection software. The financial services industry is evolving rapidly with advances in AI, blockchain, and digital assets. As credit unions evaluate, implement, and manage various technologies, NCUA recognizes the importance of supporting them in these endeavors. To that end, the agency added an AI Resources page to our website in August 2025.” ###
Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Reviews Regulators’ Efforts to Keep Pace with Financial Innovation
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, led by Chairman Bryan Steil (WI-01), examined how federal financial regulators prioritize innovation initiatives and are adapting to rapid technological change. On Regulators Prioritizing Innovation: Full Committee Chairman French Hill (AR-02) said, “Financial innovation is accelerating rapidly. Federal agencies have to keep pace with these new technologies, and that is a challenge inside a big federal compliance and supervisory bureaucracy. This raises important questions about whether the agencies have the structure and the expertise to respond effectively, and we must ensure that our regulators evolve alongside the markets, the very markets that they oversee.” Subcommittee Chairman Steil said, "Agencies need the tools, expertise, and flexibility to understand emerging risks without stifling the innovation that drives economic growth. That means embracing new supervisory technologies, investing in talent, and engaging directly with innovators, not as adversaries, but as partners in building a safer and more resilient system." On Reversing the Biden Administration’s Anti-Crypto Agenda: Rep. Marlin Stutzman (IN-03) said, “During the Biden Administration, the Fed established the Novel Activities Supervision Program through Supervision and Regulation Letter 23-7. This program was a part of the Biden Administration's Operation Chokepoint 2.0 and stifled digital asset innovation through burdensome requirements imposed on financial institutions. This Committee has helped President Trump reverse the Biden Administration's anti-innovation agenda, including Operation Chokepoint 2.0 through stablecoin and digital asset market structure legislation.” On Balancing Technological Advancement with Regulatory Certainty: Rep. William Timmons (SC-04) said, “I often emphasize the need to bring stability and consistency to the agencies under this Committee's jurisdiction. Sharp swings in policy between administrations can create uncertainty, discourage investment, and make it harder for American firms to plan and grow. Providing clear direction and oversight is one of Congress's most important responsibilities, especially in fast moving sectors. Nowhere is that more important than in digital assets and emerging technologies.” Rep. Zach Nunn (IA-03) said, “Artificial intelligence is already driving real benefits by expanding our financial sector, lowering costs, and helping institutions serve our customers better. And we all agree this is a good thing. But as adoption accelerates, so do the risks, including fraud, misinformation, and adversaries using these very tools against us. We have seen clearly a direction from Congress that is working. The Administration's artificial intelligence framework points in the same direction.” Rep. Troy Downing (MT-02) said, “I was the Commissioner of Securities and Insurance for the state of Montana, but one of the things that we explored were regulatory sandboxes and had some success there trying to, you know, find a way to try innovative projects that didn't quite fit within the regulatory framework and give them some runway to figure that out.” Witnesses Echoed the Work of the Committee: Mr. Randall Guynn, Director, Division of Supervision and Regulation, Federal Reserve Board said, “Artificial intelligence (AI) has been around in various forms for some time, and Federal Reserve supervisory staff have continually monitored banks’ use of it. Many variations of AI, like machine learning, have been in use for years and banks often deploy these mature, time-tested capabilities at their firms. For instance, some firms use machine learning tools in fraud detection and prevention. The use of AI has grown markedly over the past several years at supervised banks, which are deploying both in-house and vendor products. AI can improve operational efficiencies, enhance risk management capabilities, generate new content, and provide new analytical insights.” Mr. Jay Gallagher, Senior Deputy Comptroller and Chief of National Bank Examiner, Office of the Comptroller of the Currency said, “In addition to implementing a federal framework for permitted payment stablecoin issuers, the OCC is facilitating the adoption of AI by interested banks to improve business functions. The use of AI among banks is not new. However, recent developments, particularly generative and agentic AI, offer banks opportunities to automate and improve core operational, customer service, and other activities in novel ways. As these technologies evolve, the OCC aims to ensure adoption proceeds in a manner consistent with safety, soundness, and applicable law. Many banks utilize third-party technology providers to gain a competitive edge in a rapidly evolving marketplace. As the market continues to evolve, the OCC is actively developing regulatory approaches that right size supervisory expectations, emphasize institution-specific risk management, and position the OCC to support community banks that utilize these relationships.” Mr. Ryan Billingsley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation said, “We are seeing firsthand how banks are adopting a range of technologies to improve operational efficiencies, expand product offerings to meet customer needs, and enhance customer interactions. Banks have increasingly utilized AI and machine learning in a range of areas, including fraud detection, anti-money laundering and countering the financing of terrorism (AML/CFT) processes, and credit underwriting. For example, some banks have used AI and cash flow data to assist in underwriting for those who may not have access to credit under more traditional underwriting methods.” Ms. Amanda Parkhill, Acting Director, Office of Examination and Insurance, National Credit Union Administration said, “Credit unions have a long history of embracing technologies that enhance member experience and service quality and have expanded into using AI powered tools- including automated loan underwriting, virtual assistants for member service, and fraud detection software. The financial services industry is evolving rapidly with advances in AI, blockchain, and digital assets. As credit unions evaluate, implement, and manage various technologies, NCUA recognizes the importance of supporting them in these endeavors. To that end, the agency added an AI Resources page to our website in August 2025.” ###
Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Reviews Regulators’ Efforts to Keep Pace with Financial Innovation
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, led by Chairman Bryan Steil (WI-01), examined how federal financial regulators prioritize innovation initiatives and are adapting to rapid technological change. On Regulators Prioritizing Innovation: Full Committee Chairman French Hill (AR-02) said, “Financial innovation is accelerating rapidly. Federal agencies have to keep pace with these new technologies, and that is a challenge inside a big federal compliance and supervisory bureaucracy. This raises important questions about whether the agencies have the structure and the expertise to respond effectively, and we must ensure that our regulators evolve alongside the markets, the very markets that they oversee.” Subcommittee Chairman Steil said, "Agencies need the tools, expertise, and flexibility to understand emerging risks without stifling the innovation that drives economic growth. That means embracing new supervisory technologies, investing in talent, and engaging directly with innovators, not as adversaries, but as partners in building a safer and more resilient system." On Reversing the Biden Administration’s Anti-Crypto Agenda: Rep. Marlin Stutzman (IN-03) said, “During the Biden Administration, the Fed established the Novel Activities Supervision Program through Supervision and Regulation Letter 23-7. This program was a part of the Biden Administration's Operation Chokepoint 2.0 and stifled digital asset innovation through burdensome requirements imposed on financial institutions. This Committee has helped President Trump reverse the Biden Administration's anti-innovation agenda, including Operation Chokepoint 2.0 through stablecoin and digital asset market structure legislation.” On Balancing Technological Advancement with Regulatory Certainty: Rep. William Timmons (SC-04) said, “I often emphasize the need to bring stability and consistency to the agencies under this Committee's jurisdiction. Sharp swings in policy between administrations can create uncertainty, discourage investment, and make it harder for American firms to plan and grow. Providing clear direction and oversight is one of Congress's most important responsibilities, especially in fast moving sectors. Nowhere is that more important than in digital assets and emerging technologies.” Rep. Zach Nunn (IA-03) said, “Artificial intelligence is already driving real benefits by expanding our financial sector, lowering costs, and helping institutions serve our customers better. And we all agree this is a good thing. But as adoption accelerates, so do the risks, including fraud, misinformation, and adversaries using these very tools against us. We have seen clearly a direction from Congress that is working. The Administration's artificial intelligence framework points in the same direction.” Rep. Troy Downing (MT-02) said, “I was the Commissioner of Securities and Insurance for the state of Montana, but one of the things that we explored were regulatory sandboxes and had some success there trying to, you know, find a way to try innovative projects that didn't quite fit within the regulatory framework and give them some runway to figure that out.” Witnesses Echoed the Work of the Committee: Mr. Randall Guynn, Director, Division of Supervision and Regulation, Federal Reserve Board said, “Artificial intelligence (AI) has been around in various forms for some time, and Federal Reserve supervisory staff have continually monitored banks’ use of it. Many variations of AI, like machine learning, have been in use for years and banks often deploy these mature, time-tested capabilities at their firms. For instance, some firms use machine learning tools in fraud detection and prevention. The use of AI has grown markedly over the past several years at supervised banks, which are deploying both in-house and vendor products. AI can improve operational efficiencies, enhance risk management capabilities, generate new content, and provide new analytical insights.” Mr. Jay Gallagher, Senior Deputy Comptroller and Chief of National Bank Examiner, Office of the Comptroller of the Currency said, “In addition to implementing a federal framework for permitted payment stablecoin issuers, the OCC is facilitating the adoption of AI by interested banks to improve business functions. The use of AI among banks is not new. However, recent developments, particularly generative and agentic AI, offer banks opportunities to automate and improve core operational, customer service, and other activities in novel ways. As these technologies evolve, the OCC aims to ensure adoption proceeds in a manner consistent with safety, soundness, and applicable law. Many banks utilize third-party technology providers to gain a competitive edge in a rapidly evolving marketplace. As the market continues to evolve, the OCC is actively developing regulatory approaches that right size supervisory expectations, emphasize institution-specific risk management, and position the OCC to support community banks that utilize these relationships.” Mr. Ryan Billingsley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation said, “We are seeing firsthand how banks are adopting a range of technologies to improve operational efficiencies, expand product offerings to meet customer needs, and enhance customer interactions. Banks have increasingly utilized AI and machine learning in a range of areas, including fraud detection, anti-money laundering and countering the financing of terrorism (AML/CFT) processes, and credit underwriting. For example, some banks have used AI and cash flow data to assist in underwriting for those who may not have access to credit under more traditional underwriting methods.” Ms. Amanda Parkhill, Acting Director, Office of Examination and Insurance, National Credit Union Administration said, “Credit unions have a long history of embracing technologies that enhance member experience and service quality and have expanded into using AI powered tools- including automated loan underwriting, virtual assistants for member service, and fraud detection software. The financial services industry is evolving rapidly with advances in AI, blockchain, and digital assets. As credit unions evaluate, implement, and manage various technologies, NCUA recognizes the importance of supporting them in these endeavors. To that end, the agency added an AI Resources page to our website in August 2025.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###
Full Committee Evaluates the Role Tokenization Plays in Our Capital Markets
Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining the role tokenization can play in modernizing our capital markets and if regulatory updates could benefit U.S. competitiveness. Members explored how traditional securities can be brought onto blockchain networks, what that could mean for investors, and how to ensure investor protections and market integrity still remain strong as the technology evolves. On the Impact of Tokenization: Chairman Hill said, “By leveraging distributed ledger technology to represent financial instruments and their ownership, tokenization has the potential to streamline processes and introduce entirely new ones, promising greater efficiency, transparency, and accessibility. However, as tokenization becomes more prevalent in our capital markets, it raises important legal and regulatory questions.” Small Business Committee Chairman Roger Williams (TX-25) said, “We've heard today how tokenization can modernize our capital markets, including faster settlements, reduced counterparty risk, more efficient movement of capital. Shortening the settlement cycle can free up liquidity, reduce costs tied to delays, and allow capital to be put to work more freely. For a small business owner operating on tight margins like myself – I'm a small business owner in Texas – tokenization can translate into better financing, more predictable cash flow, and lower costs.” Rep. Tim Moore (NC-14) said, “Tokenization has the potential to fundamentally modernize how our operates work. It enables these traditional financial assets to be represented on blockchain based systems. It means faster settlement, lower cost, greater transparency and expanded access for investors. But today's markets still rely on layers of intermediaries that process, which can delay settlement and increase operational risk. Tokenization, however, introduces the possibility that transactions can be completed in real time.” On the Need for Regulatory Modernization: Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “The United States has the deepest and most liquid capital markets in the world. As one of our economy's greatest strengths, they have helped make America the premier destination to start and grow a business. However, global competition is intensifying and other jurisdictions are actively modernizing their financial systems to attract investment.” Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “No doubt tokenization of securities is coming. It's here. And our modernization of our securities regulation is required, both in terms of preserving that gold standard of investor protection, but also making sure that the United States is leading the way.” Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) said, “This topic also raises important questions about how to integrate new technology into existing market regulations. Our capital markets, I think we would all agree, are the envy of the world and certainly we must safeguard that status.” Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “Our capital markets have long been the envy of the world and led because we've consistently upgraded both our market infrastructure, but also importantly, upgraded our rule books. And that means providing clear rules of the road for innovators developing new base layer technologies and applications, as well as some integrators combining those tools with, in some cases, centuries of market expertise. If we get this right, I think we can uphold the core principles of capital formation, liquidity, and investor protection while making the regulatory upgrades needed to sustain them in a rapidly evolving financial system.” Rep. Young Kim (CA-40) said, “When we discuss the term “brain drain,” it's often used in the context of foreign content, the talents leaving their home countries to come to America because of the opportunities that we provide. However, in the digital asset industry, this strain reflects a 2% year over year decline in the U.S. share of blockchain developers over the last five years. In 2018, the U.S. share of global blockchain developers was 40%, and today it is down to 20%. While the rogue regulation of former SEC Chair Gary Gensler did America no favors in fostering crypto innovation in America, that does not mean it is too late to reverse his policies and establish America as the Crypto Capital of the World by doing something that we already did, passing the CLARITY Act.” Witnesses Echoed the Work of the Committee: The Honorable Kenneth Bentsen, Jr., President and Chief Executive Officer, SIFMA said, “The United States leads the world with the deepest, most liquid capital markets built on a foundation of robust investor protection and market transparency and integrity. The undergirding of that foundation is the most technologically sophisticated market infrastructure that ensures robust operational resiliency proven to deliver maximum execution quality and efficiency including during periods of extreme stress. Our markets’ quality and growth, including operational efficiency, are the result of constant investment in new technology and processes to better serve clients. As such, SIFMA and its members strongly support innovation in the securities markets and believe new technologies such as distributed ledger technology (“DLT”) and tokenization offer many potential benefits for the U.S." The Honorable Summer Mersinger, Chief Executive Officer, Blockchain Association said, “Tokenization can make it easier to access and manage investments in familiar financial products—such as holding tokenized securities in retirement or brokerage accounts, receiving income from tokenized funds or bonds, and transferring assets more quickly and efficiently. For long-term savers, this could mean more flexible access to income-generating investments, simpler portfolio management, and the ability to transact outside of limited market hours. For businesses, tokenization can lower the cost of raising capital and broaden the pool of potential investors. These practical use cases illustrate how tokenization can support a wide range of Americans, from individual savers to institutional market participants. The benefits of tokenization reflect broader changes in how capital markets operate. By modernizing how assets are recorded, transferred, and settled, tokenization can improve efficiency, reduce risk, and expand access to financial markets.” Mr. Christian Sabella, Managing Director and Deputy General Counsel, DTCC said, “At DTCC, we believe tokenization offers an exciting potential to carry that effort further by pushing financial markets toward a more streamlined and resilient ecosystem where DLT networks and traditional industry rails seamlessly integrate. That said, any new tokenized service of the financial future needs to ensure that it can protect and promote the same goals our traditional markets deliver today: choice, competition, interoperability, and the most liquid and dynamic financial markets in the world.” Mr. John Zecca, Executive Vice President and Global Chief Legal, Risk and Regulatory Officer, Nasdaq said,“Tokenization should be viewed as part of a broader modernization of capital markets—toward a more continuous, more automated, and more interconnected financial system. History shows that when companies are able to access deep, competitive public markets, they invest more, expand faster, and create more jobs—underscoring why market structure decisions have real consequences for economic growth. Nasdaq’s leadership has described 23/5 trading as an initial step toward an always‑on market infrastructure for the future, and tokenization as a complementary capability that can modernize how securities move through the lifecycle—from trading and settlement workflows to issuer‑investor engagement.” ###