Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am incredibly proud today to stand before you to share my support for the CLARITY Act. This is legislation that we have been working on in the Agriculture Committee for…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I am incredibly proud today to stand before you to share my support for the CLARITY Act. This is legislation that we have been working on in the Agriculture Committee for 7 years. This is an improvement over the legislation that fulfilled the very same purpose of what we are addressing today that passed last Congress with over 300 votes, including 71 Democrats, and it was a great bipartisan bill. This is an improvement on that bill.
The CLARITY Act is about three related ideas: certainty, protection, and innovation. I will talk about why each of these ideas is important.
First, the CLARITY Act provides regulatory certainty for all corners of the digital asset ecosystem, including issuers; exchanges; intermediaries; builders; software developers; and, most importantly, users of digital assets.
This regulatory certainty means that all parts of the ecosystem can engage with digital assets with confidence. It promotes healthy markets by establishing commonsense requirements to protect consumers. Those are all built on the existing requirements in the financial services markets.
Secondly, the CLARITY Act protects good actors from government overreach. By establishing clear rules, we limit the government's ability to subjectively enforce vague statutes. These protections are important to those entities like exchanges, brokers, and dealers, who we require to register. Yet, in many cases, they are more important to entities which Congress is not seeking to register.
Third, and most importantly, the CLARITY Act supports innovation across the economy, not just the crypto economy.
At the House Agriculture Committee, we heard testimony from numerous stakeholders about innovative ways in which developers and entrepreneurs are leveraging blockchain to build projects and services using blockchains and digital assets.
The certainty and protections provided through the CLARITY Act will lead to the development of a new generation of services, tools, and systems. I am excited for that future to happen here in the United States of America.
Mr. Speaker, Congress has a historic opportunity here today to act. With the CLARITY Act, we can pass legislation that protects consumers and ensures that the United States remains at the forefront of technological innovation. These are not mutually exclusive goals. They are mutually reinforcing goals.
By supporting the CLARITY Act, we can create a safer, more transparent, and more accessible environment for digital assets.
Mr. Speaker, I urge all of my colleagues to support this bill, and I reserve the balance of my time.
Mr. Speaker, I was remiss with my opening comments not to thank my Agriculture Committee partner, Ranking Member Angie Craig, for her leadership and for working together with me on this issue, but also our Financial Services Committee Chair French Hill; my good friend, Don Davis; Whip Emmer; Bryan Steil, and so many more. There was just such a strong bipartisan leadership partner team.
Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Iowa (Mr. Feenstra), a member of the House Agriculture Committee.
Mr. Speaker, I yield 1 minute to the gentleman from Iowa (Mr. Nunn), a member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee.
Mr. Speaker, I will expand for a minute on the important protections included in the CLARITY Act. The CLARITY Act includes strong protections for the developers of software. Sections 309 and 409 make it clear that neither the CFTC nor the SEC have the authority to require a person to register just because that person is developing, publishing, or distributing software. This is a critical protection, rooted in our First Amendment, that should be read expansively by the commissions.
The creation of new decentralized finance protocols is also an important development that the CLARITY Act seeks to protect. Both the CFTC and the SEC must carefully examine and understand DeFi, which is why we are requiring both Commissions to undertake a robust study on the unique benefits and risks of DeFi.
Through the CLARITY Act, Congress is making an unambiguous statement that DeFi is different, and it should be treated differently from the centralized custodial intermediaries. Protecting this emerging technology is an essential purpose of the CLARITY Act.
Now, Mr. Speaker, I yield 1 minute to the gentleman from Indiana (Mr. Messmer), a member of the Committee on Agriculture and a member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee.
Mr. Speaker, I thank the gentleman who just spoke for his remarks concerning the need for high-speed broadband. My pledge, as the chairman of the Committee on Agriculture, is that when we are back in September, we will have farm bill 2.0, which includes rural economic development and rural broadband. We have to get that done.
I yield to the gentleman from Georgia (Mr. Carter), a cosponsor of the CLARITY Act, for 1 minute.
Mr. Speaker, may I ask how much time is remaining.
Mr. Speaker, I yield 1 minute to the gentleman from Tennessee (Mr. Rose), the vice chair of the Commodity Markets, Digital Assets, and Rural Development Subcommittee and also a member of the House Financial Services Committee. He is a very busy man.
Mr. Speaker, I yield 3 minutes to the gentleman from South Dakota (Mr. Johnson), the chairman of the Commodity Markets, Digital Assets, and Rural Development Subcommittee.
Mr. Speaker, I yield myself the balance of my time for the purpose of closing.
Mr. Speaker, I thank the gentleman from South Dakota for his remarks and, quite frankly, I couldn't agree more. I also thank, again, my Agriculture partner, Ranking Member Angie Craig with the Agriculture Committee, and Don Davis and our leadership and all those who have the foresight to see that this is about the future. Well, it is about today because, you know, companies are struggling with this, but more importantly, it is about the future of both the financial sector and the technological sector.
A vote for the CLARITY Act is a vote for America's future and America's leadership. I urge all my colleagues to vote ``yes'' on the CLARITY Act. I yield back the balance of my time.