Good morning and happy April. This week, we cover the STABLE Act markup, nomination votes, and a slate of new bills covering retirement accounts, mining, and national security.
The House Financial Services Committee advanced the STABLE Act in a bipartisan 32-17 vote.
The Senate Banking Committee advanced the nominations of Paul Atkins to be SEC Chair, Jonathan Gould to be Comptroller of the Currency, and Luke Pettit to be Assistant Secretary of the Treasury for Financial Institutions.
Members of Congress introduced news bills to:
Clarify that crypto assets may be included in certain 401(k) plans;
Establish a tax incentive for digital asset miners using flared natural gas; and
Prohibit the CFTC from registering crypto platforms owned by foreign adversaries.
A House Financial Services subcommittee discussed crypto-related scams and blockchain analytics at a recent hearing.
Senator Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA) are asking SEC Acting Chair Uyeda for more information about President Trump’s family ties to crypto, citing serious conflicts of interest concerns.
STABLE Act: On Wednesday night, the House Financial Services Committee (“HFSC”) passed the STABLE Act by a bipartisan 32-17 vote.
Vote Breakdown: 26 Republicans & 6 Democrats voted Yes.
Democrats voting Yes: Reps. Gregory Meeks (NY), Jim Himes (CT), Josh Gottheimer (NJ), Ritchie Torres (NY), Janelle Bynum (OR), Sam Liccardo (CA).
Rep. Davidson was the only Republican to vote no.
Financial Technology Protection Act: HFSC also passed Rep. Zach Nunn’s (R-IA) Financial Technology Protection Act by a 49-0 vote. The bill would establish a working group focused on (1) researching illicit uses of digital assets and related emerging technologies and (2) developing policy proposals for combatting those uses.
No U.S. CBDC: HFSC also passed the Anti-CBDC Surveillance State Act, which would broadly prohibit the creation of a U.S. CBDC, by a 27-22 vote.
Financial Freedom Act of 2025: Rep. Byron Donalds (R-FL) and Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act of 2025. At a high-level, the bill would prohibit the Department of Labor from restricting the type and range of investment options that may be offered in certain self-directed retirement accounts.
FLARE Act: Senator Ted Cruz (R-TX) introduced the FLARE Act, which would allow companies to immediately deduct 100% of the cost of equipment used in flare gas mitigation systems, including systems used to power digital asset mining.
CFTC Registration: Senator Tommy Tuberville (R-AL) introduced the Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act. The bill would prohibit the CFTC from registering a digital commodity platform that is owned by an entity organized in a foreign adversarial nation.
Financial Fraud Hearing: On Tuesday, the House Financial Service Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing generally focused on combatting financial fraud. The hearing featured discussions of how to combat financial fraud involving crypto, including by leveraging blockchain analytics tools.
Senate Banking: The Senate Banking Committee advanced the following nominations out committee to the Senate floor:
Paul Atkins to be SEC Chair by a 13-11 vote.
Jonathan Gould to be Comptroller of Currency by a 13-11 vote.
Luke Pettit to be Assistant Secretary of the Treasury by a 19-5 vote.
Senator Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA) sent a letter to SEC Acting Chair Mark Uyeda, asking for more information about President Trump’s family ties to World Liberty Financial.
Letter.
FDIC: On Friday, March 28, the FDIC rescinded Financial Institution Letter 16-2022, clarifying that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval.
DeFi Broker Rule Repeal
H.J. Res. 25 - the DeFi broker rule repeal resolution - was officially presented to the President on April 1, so it could be signed into law any day.
Market Structure Hearings
House Financial Services:
Wednesday - 10AM: “American Innovation and the Future of Digital Assets: Aligning the U.S. Securities Laws for the Digital Age.”
House Ag:
Wednesday - 2pm: “American Innovation and the Future of Digital Assets: On-Chain Tools for an Off-Chain World.”
Nomination Hearing
Senate Banking:
Thursday - 10AM: Hearing to examine several nominations, including Michelle Bowman to be Vice Chairman for Supervision of the Federal Reserve System.
SEC Roundtable
Friday, April 11 - 1PM - 5pm: “Crypto Task Force Roundtable: Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”
Last Week’s A: Senators Chuck Grassley (R-IA), Mitch McConnell (R-KY), and Patty Murray (D-WA) have casted over 10,000 votes.
This Week’s Q: Which former Vice President holds the record for casting the most tie-breaking votes?
-GSL
P.S. You are reading the free version of a Pro Newsletter. For more in-depth analysis of the week in crypto policy and real-time legislative tracking, learn more about CHC Policy Pro.
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