Republicans, during the House Financial Services Committee hearing on July 6, 2025, defended the CLARITY Act by stating that the U.S. currently lacks any federal legal framework for digital assets and consumer protection, and dismissed concerns that Trump personally could profit as “theatrics

Event date

June 6, 2025

Quotes that support claims

Fischer argued that few if any token issuers will ever engage with that more rigorous process, given that the CLARITY Act, in her opinion, already offers so many loopholes a token issuer could take advantage of instead of conceding that their offering represents an investment contract.

Amanda Fischer, policy director at Better Markets, a Washington group advocating for financial policies that favor the public, said her bigger issue was with the exceptions that exist for companies to seek regulation under the Commodity Futures Trading Commission rather than the Securities and Exchange Commission

“This bill's regulatory gaps will not be quarantined to crypto,” one witness, Amanda Fischer, Policy Director at Better Markets, said during testimony before the committee.

Republicans focused on a different tack: "Currently, there is no federal framework for non-security digital assets," Committee Chair French Hill said in his own opening statement, a stance echoed by his colleagues Bryan Steil and Warren Davidson. They contend that Democrats and the administration of former President Joe Biden allowed years to pass in which they failed to protect consumers by offering no rules to oversee crypto.

Republican lawmakers on the House Financial Services Committee (HFSC) pushed back against concerns that US President Donald Trump could personally profit from his exposure to the crypto industry, dismissing the claims as political “theatrics” amid ongoing debate about digital assets legislation.

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Week 23 of 2025