Watch
OFFICIAL COMMITTEE VIDEO · 2:37:01Pick a point on the bar to jump thereTap the bar to jump2:37:01
Why this hearing
On the record: 6 witnesses, including 3 from business and trade groups and 2 from advocacy groups and think tanks.
The witnesses include Aptos Labs, the Milken Institute and two law firms. Testimony addresses the CLARITY Act and assigning SEC and CFTC oversight to different digital-asset transactions.
Real oversight or theater?
Did this hearing get real answers, or was it mostly speeches?
NO RATINGS YET
What each witness said
The main points of each witness’s written statement.
Aptos LabsCEO and Co-Founder · Dr. Avery Ching
- Argues clear, consistent rules for token issuance and distribution would let Aptos function as designed and U.S. builders innovate compliantly.
- Reports APT secures and governs Aptos and pays transaction fees, while Aptos supports tokenized funds, lending, ticketing, and product records.
“For blockchain innovation to expand responsibly in the U.S., developers need clear regulatory guidance around token issuance and distributions.”
and Former Commissioner and Acting Chairman, Securities and Exchange CommissionExecutive Vice President, Milken Institute · The Honorable Michael S. Piwowar
- Argues the CLARITY Act creates a framework addressing market structure gaps, jurisdictional boundaries, and responsible innovation.
- Argues the SEC's mission of investor protection, fair markets, and capital formation applies to digital asset markets.
“The SEC's traditional mission of protecting investors, maintaining fair, orderly, and efficient markets, and promoting capital formation for the capital markets is easily applied to digital asset markets.”
Willkie Farr & Gallagher LLPPartner · Chelsea E. Pizzola
- Argues legislation should remove ambiguity over SEC and CFTC authority to provide regulatory certainty for digital asset markets.
- Supports assigning the SEC oversight of primary issuer sales and the CFTC oversight of secondary-market digital commodity transactions.
“Markets work best when there are clear rules of the road.”
Ryne MillerPartner, Lowenstein Sandler LLP; Chair of Commodities, Futures, and Derivatives Group, and Co-Chair of Lowenstein Crypto
- Argues Congress should swiftly adopt federal digital-asset market structure legislation to enable innovation and economic growth.
- Reports that examinations, audits, reporting, and customer asset segregation requirements address weaknesses behind digital-asset failures.
“Examinations, governance requirements, audits, reporting, recordkeeping, and customer asset segregation requirements directly address the shortfalls that have allowed various digital asset industry failures and thefts to occur.”
- Argues clear, consistent rules for token issuance and distribution would let Aptos function as designed and U.S. builders innovate compliantly.
- Reports APT secures and governs Aptos and pays transaction fees, while Aptos supports tokenized funds, lending, ticketing, and product records.
“For blockchain innovation to expand responsibly in the U.S., developers need clear regulatory guidance around token issuance and distributions.”
- Argues the CLARITY Act creates a framework addressing market structure gaps, jurisdictional boundaries, and responsible innovation.
- Argues the SEC's mission of investor protection, fair markets, and capital formation applies to digital asset markets.
“The SEC's traditional mission of protecting investors, maintaining fair, orderly, and efficient markets, and promoting capital formation for the capital markets is easily applied to digital asset markets.”
- Argues legislation should remove ambiguity over SEC and CFTC authority to provide regulatory certainty for digital asset markets.
- Supports assigning the SEC oversight of primary issuer sales and the CFTC oversight of secondary-market digital commodity transactions.
“Markets work best when there are clear rules of the road.”
- Argues Congress should swiftly adopt federal digital-asset market structure legislation to enable innovation and economic growth.
- Reports that examinations, audits, reporting, and customer asset segregation requirements address weaknesses behind digital-asset failures.
“Examinations, governance requirements, audits, reporting, recordkeeping, and customer asset segregation requirements directly address the shortfalls that have allowed various digital asset industry failures and thefts to occur.”
Who asked what
We haven’t logged who asked questions at this hearing yet.
Question logs come from the committee’s official video.
The committee
54 members · 29 Republicans, 25 Democrats
- Glenn ThompsonR-PA-15 · CHAIR
- Austin ScottR-GA-8 · VICE CHAIR
- Don BaconR-NE-2
- James R. BairdR-IN-4
- Mike BostR-IL-12
- Robert P. Bresnahan, Jr.R-PA-8
- Kat CammackR-FL-3
- Rick CrawfordR-AR-1
- Monica De La CruzR-TX-15
- Scott DesJarlaisR-TN-4
- Randy FeenstraR-IA-4
- Brad FinstadR-MN-1
- Mark HarrisR-NC-8
- Ronny JacksonR-TX-13
- Dusty JohnsonR-SD-AL
- Trent KellyR-MS-1
- Frank D. LucasR-OK-3
- Tracey MannR-KS-1
- Mark B. MessmerR-IN-8
- Mary E. MillerR-IL-15
- Barry MooreR-AL-1
- Dan NewhouseR-WA-4
- Zachary NunnR-IA-3
- Derrick Van OrdenR-WI-3
- John W. RoseR-TN-6
- David RouzerR-NC-7
- David J. TaylorR-OH-2
- David G. ValadaoR-CA-22
- Tony WiedR-WI-8
- Angie CraigD-MN-2 · RANKING
- Alma S. AdamsD-NC-12
- Shontel M. BrownD-OH-11
- Nikki BudzinskiD-IL-13
- Salud O. CarbajalD-CA-24
- Jim CostaD-CA-21
- Sharice DavidsD-KS-3
- Donald G. DavisD-NC-1
- April McClain DelaneyD-MD-6
- Shomari FiguresD-AL-2
- Adam GrayD-CA-13
- Jahana HayesD-CT-5
- Jonathan L. JacksonD-IL-1
- John W. MannionD-NY-22
- Jim McGovernD-MA-2
- Chellie PingreeD-ME-1
- Josh RileyD-NY-19
- Kristen McDonald RivetD-MI-8
- Andrea SalinasD-OR-6
- David ScottD-GA-13
- Eric SorensenD-IL-17
- Shri ThanedarD-MI-13
- Jill N. TokudaD-HI-2
- Gabe VasquezD-NM-2
- Eugene Simon VindmanD-VA-7
Witnesses
A group of witnesses who testify and take questions together.
- Dr. Avery ChingCEO and Co-Founder, Aptos LabsWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- The Honorable Michael S. PiwowarExecutive Vice President, Milken Institute, and Former Commissioner and Acting Chairman, Securities and Exchange CommissionWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- Chelsea E. PizzolaPartner, Willkie Farr & Gallagher LLPWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- Ryne MillerPartner, Lowenstein Sandler LLP; Chair of Commodities, Futures, and Derivatives Group, and Co-Chair of Lowenstein CryptoWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
A group of witnesses who testify and take questions together.
- The Honorable Michael PiwowarExecutive Vice President, Milken Institute, and Former Commissioner and Acting Chairman, Securities and Exchange CommissionWITNESS TYPENot listedTHIS CONGRESSFirst appearanceNO STATEMENT POSTED
- Chelsea PizzolaPartner, Willkie Farr & Gallagher LLPWITNESS TYPENot listedTHIS CONGRESSFirst appearanceNO STATEMENT POSTED
In the news
No news coverage of this hearing yet.
Timeline & documents
- Hearing noticed (done)
- Held (done)JUN 4, 2025 · 10:00 AM – 12:36 PM
- Video posted (done)JUN 4, 2025 · 12:36 PM
- Written testimony posted (done)JUN 2, 2025 · 1:18 PM
- Questions for the record (not yet)NOT POSTED YET
- Printed transcript (not yet)USUALLY ABOUT 5 MONTHS AFTER THE HEARING
- Written testimony (4)PAGE (opens the committee’s file)
- Statements for the recordPDF (opens the committee’s file)
- Questions for the recordPENDING
- TranscriptPDF (opens the committee’s file)
- Printed transcriptPENDING
Written follow-up questions from members, answered after the hearing. aren’t posted yet. The printed transcript usually comes out about 5 months after the hearing (of hearings printed so far).