House panel shifts attention to tokenization as Clarity Act advances

Rep. French Hill, chair of the House Financial Services Committee, said he expects the Clarity Act to secure bipartisan consensus and that tokenization will be the committee's next major focus. He said crypto will continue to receive bipartisan support as lawmakers work through outstanding policy issues.

The committee, which has oversight of federal regulators, held a hearing on tokenization in late March to help lawmakers consider what the SEC and bank regulators might need in terms of additional authorities or rules to facilitate companies tokenizing real-world assets.

"Tokenization of an asset, such as a common stock, is really an exercise in changing systems," Hill said. "It's not changing the law." Hill is also examining the possible tokenization of deposits in the commercial banking industry, which could enable direct debit payments without an intermediated stop.

United States

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