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July 15, 2025, Testimony: "Mr. Chairman and Ranking Member Klobuchar, members of the committee and staff, thank you for inviting me to testify today. Introduction I welcome this hearing as an opportunity to rethink our approach to the question of how should we regulate digital assets. Congress needs to pass legislation, but the latest proposal—the Clarity Act—is not the right approach. The need to improve federal regulation has been apparent for years. The lack of federal regulation for the spot market in so-called digital commodities—or digital tokens that are not securities—has led to a high degree of fraud, manipulation and lack of investor protection, as well as rampant speculation. I have spoken about this gap since shortly after I became chairman of the Commodity Futures Trading Commission (CFTC) in 2014 and we declared bitcoin to be a commodity."