- US House committee plans July hearings on Fed policy, CFPB oversight, and digital assets.
- CLARITY Act hearing will examine crypto rules and agency oversight divisions.
- Bill protects self-custody and proposes a $50M funding exemption for projects.
The U.S. House Financial Services Committee has outlined a list of hearings for July that will examine monetary policy, consumer financial regulation, digital assets, financial crime oversight, and housing finance.
The schedule includes two closely watched sessions on July 14 and July 17, during which lawmakers will review the Federal Reserve’s latest monetary policy report and discuss the potential effects of the CLARITY Act on the digital asset sector.
The hearings are part of a broader committee agenda that spans several areas of financial regulation. Committee members are expected to hear testimony from regulators and review ongoing policy developments affecting financial markets, consumer protection, and emerging technologies.
Federal Reserve and Consumer Protection Reports Under Review
The first full committee hearing is scheduled for July 14 and will focus on the Federal Reserve’s semiannual monetary policy report. The session will provide lawmakers with an opportunity to review recent monetary policy developments and question Federal Reserve officials about the central bank’s outlook.
A second full committee hearing will take place on July 15 to examine the Consumer Financial Protection Bureau’s (CFPB) semiannual report. The discussion is expected to center on the agency’s activities and oversight responsibilities.
CLARITY Act Hearing to Focus on Digital Asset Framework
On July 17, the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence will hold a field hearing in New York to examine how the CLARITY Act could affect financial innovation and digital assets.
The legislation seeks to establish a regulatory framework for digital assets by defining key categories and dividing oversight responsibilities between federal agencies. Under the proposal, a digital asset would be defined as a digital representation of value secured through cryptography and recorded on a distributed ledger.
The bill would classify certain blockchain-native tokens as digital commodities if they meet specific decentralization and network maturity criteria rather than functioning primarily as securities tied to a central promoter. These tokens would generally fall under Commodity Futures Trading Commission oversight in secondary and spot markets, while investment contract offerings would remain subject to Securities and Exchange Commission oversight.
DeFi, Self-Custody, and Funding Provisions
The CLARITY Act also contains provisions related to decentralized finance activities. Operating network nodes, providing oracle services, and developing non-custodial protocols would generally not require broker-dealer or exchange registration, although anti-fraud and anti-manipulation rules would continue to apply. The proposal also includes protections for self-custody and creates a temporary registration pathway for digital commodity exchanges, brokers, and dealers.
For blockchain projects seeking funding, the legislation would mandate an exemption allowing capital raises of up to $50 million, adjusted for inflation, provided the underlying network is expected to achieve decentralization within approximately four years.
Related: Crypto Groups Urge Congress to Pass Mining and Staking Tax Bill Without Changes
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