HFSC Looks To Next Debt-Ceiling Fight
Following the near-death experience of a Treasury default, the HFSC Financial Institutions Subcommittee on Wednesday will hold a hearing on U.S. fiscal management. The memo lists the draft legislation to be considered, with the panel advancing substantive measures with at least some chances of bipartisan agreement. These include bills to require Treasury via the FSOC to make official contingency plans for Treasury-bond default.
GOP Crypto-Jurisdiction Bill Slams SEC
Ahead of a hearing next week, House Financial Services and Agriculture Republicans today released a draft bill allocating digital-asset jurisdiction largely to the CFTC. This was previewed at the joint panel’s last hearing (see Client Report CRYPTO43), where Democrats strongly objected to this approach. Press indicate that the draft has not been shared with Democrats and our read of the measure makes it clear that little has been done to mollify them. The bill would give the SEC jurisdiction over certain securities-related crypto activities and entities, but in several cases expressly prohibits it from preventing trading-platform operation or contesting CFTC jurisdiction.