My takeaways from the @FinancialCmte hearing on #crypto market structure reform: 📌More than ever before, there seems to be a greater bipartisan consensus that there’s a pressing need for regulatory clarity and updated disclosure regimes around digital assets. 📌Witnesses and most lawmakers agree that establishing a framework for digital assets would not only protect the crypto industry but also the broader industries that crypto touches. 📌There’s much concern, mainly from Democrats, about President Trump’s involvement in crypto potentially hindering the legislative process. Some Republicans agree — last week @RepFrenchHill said that the Trump family’s involvement around meme coins and stablecoins “makes the work more complicated.” 📌Defining at what point digital assets become commodities and exploring the possibility of giving the @CFTC expanded jurisdiction over the digital commodity spot markets is a central theme lawmakers are exploring as they work on legislation. 📌Witnesses noted that the @SECGov’s application of the Howey Test to digital assets is insufficient because it lacks applicability to secondary market transactions. 📌Lawmakers are excited about the use cases for blockchain technology outside of finance and applying it to industries like agriculture. We’ll likely hear more on these initiatives during the @HouseAgGOP crypto hearing at 2:00 PM. As these are the hearings designed to kick off market structure season, we should be seeing some draft legislation in the coming weeks.