This week in digital assets federal policy, the Senate passed by a vote of 70-28 the CRA disapproval of the IRS DeFi broker rule, which now heads to the President’s desk for signature. Congress focused on assessing the CFTC and CFPB and grid reliability, while digital assets were highlighted in questions regarding worldwide threats and confirmation hearings.

The FDIC clarified supervised institutions may engage in permissible crypto-related activities without receiving prior approval, while the CFTC withdrew its previous advisories on review of risks related to clearing digital assets and virtual currency derivative product listings.

This week, the House Financial Services Committee will consider a number of bills, including the STABLE Act, although sticking points reportedly remain for some.

Read more below

Congress

Hearings

• Last week
  • On March 25, the House Financial Services Committee held a hearing on Beyond Silicon Valley: Expanding Access to Capital Across America
  • On March 25, the House Agriculture Committee held a hearing on The CFTC (Commodity Futures Trading Commission) at 50: Examining the Past and Future of Commodity Markets
  • On March 25, the House Energy and Commerce Energy Subcommittee held a hearing on Keeping the Lights On: Examining the State of Regional Grid Reliability
  • On March 25, the Senate Select Committee on Intelligence held a hearing on the 2025 Annual Worldwide Threats Assessment
  • On March 26, the House Permanent Select Committee on Intelligence held a hearing on the 2025 Annual Worldwide Threats Assessment
  • On March 26, the House Financial Services Committee held a hearing on a New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections
  • On March 27, the Senate Banking, Housing and Urban Affairs Committee held a hearing on the nominations of Paul Atkins to be a member of the Securities and Exchange Commission; Jonathan Gould to be comptroller of the currency at the Treasury Department; and Luke Pettit to be assistant Treasury secretary for financial institutions
• This week
  • On April 1, the House Financial Services Committee will hold a hearing on Following the Money: Tools and Techniques to Combat Fraud
  • On April 2, the House Financial Services Committee will hold a markup on the STABLE Act
• Upcoming
  • On April 9, the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee will hold a hearing on American Innovation and the Future of Digital Assets: Aligning the U.S. Securities Laws for the Digital Age
  • On April 29, the House Financial Services Financial Institutions Subcommittee will hold a hearing on Regulatory Overreach: The Price Tag on American Prosperity

Legislation

• The Senate passed H.J.Res.25, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales by a vote of 70-28.

• Rep. Bryan Steil (R-WI) and House Financial Services Chair French Hill (R-AR) introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States. (Text)(Press release)

• Reps. Tom Emmer (R-MN) and Darren Soto (D-FL) reintroduced the Securities Clarity Act to codify that any asset sold as the object of an investment contract, defined as an “investment contract asset,” is distinct from the securities offering it was originally a part of. (Text)(Press release)

• Reps. Zach Nunn (R-IA) and Jim Himes (D-CT) introduced the Financial Technology Protection Act to establish an interagency working group to collaborate with industry experts to disrupt the use of emerging financial technologies by bad actors. (Text)(Press release)

• Reps. Gabe Amo (D-RI) and Young Kim (R-CA) reintroduced a resolution to urge agencies across the federal government to explore and support the development and application of distributed ledger technologies and express Congress’s commitment to advancing responsible innovation. (Text) (Press release)

• Sens. Ted Cruz (R-TX), Ted Budd (R-NC), Kevin Cramer (R-ND), and Thom Tillis (R-NC) introduced the Anti-CBDC Surveillance State Act to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). (Press release)

Correspondence

• Sen. Ted Cruz (R-TX) sent a letter to the GAO requesting a determination whether the March 2022 guidance issued by the Department of Labor and Employee Benefits Security Administration on 401(k) plan investments in cryptocurrencies qualifies as a rule under the Congressional Review Act. (Letter)

• Sen. Elizabeth Warren (D-MA) sent a letter to Paul Atkins in advance of his confirmation hearing to be Chair of the SEC, asking questions about his views on a crypto regulatory framework, enforcement, and memecoins, and experience advising FTX. (Letter)

• Warren also sent a letter to Comptroller-Designate Jonathan Gould ahead of his nomination hearing asking questions regarding his views on issues including the OCC’s bank supervisory role, crypto assets, and regulatory independence. (Letter)

Trump Administration

Federal Deposit Insurance Corporation (FDIC)

• The FDIC issued a Financial Institution Letter clarifying that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval. (FIL-7-2025)(Press release)

Commodity Futures Trading Commission (CFTC)

• The CFTC announced it is withdrawing CFTC Staff Advisory No. 23-07 on Review of Risks Associated with Expansion of DCO Clearing of Digital Assets and CFTC Staff Advisory No. 18-14 on Advisory with Respect to Virtual Currency Derivative Product Listings. (Press release)(Press release)

Noteworthy Quotes and Events

ADMINISTRATION

Federal Bureau of Investigation (FBI)

• Director Kash Patel tweeted, “Yet another outstanding victory for federal law enforcement. FBIAlbuquerque and our TheJusticeDept partners seized over $200,000 worth of crypto intended to support Hamas and its operations. Amazing work by our Cyber and Counterterrorism divisions. Under AGPamBondi’s leadership, we are finding terrorists every day, breaking their operations, and bringing them to justice.”

Securities and Exchange Commission (SEC)

• In remarks at the DC Blockchain Summit, Commissioner Hester Peirce said, “The Crypto Task Force has had many helpful meetings with outside parties, and we already have received approximately fifty thoughtful written submissions. The Task Force’s first public roundtable last Friday was a productive conversation among thoughtful experts with varied views. Additional roundtables are on the schedule. All of this engagement is extremely helpful, as we consider how the Commission and its staff can provide clarity about what is outside of our jurisdiction and practical compliance solutions for activities that are within our jurisdiction. For example, as the discussion at our recent roundtable highlighted, the Commission needs to think separately about transactions and assets that are the subject of transactions. Many crypto assets themselves are not securities, but primary offerings of crypto assets for capital raising purposes are securities transactions. Accordingly, staff is open to inquiries about how to conduct such offerings as either registered or exempt transactions. And the Task Force welcomes well-reasoned requests for no-action letters or exemptive relief that can be finalized quickly to allow activity to start soon. Lessons learned from these short- and medium-term efforts can inform longer-term regulatory and legislative efforts.” (Remarks)

CONGRESS

Hearings on Worldwide Threats

• Rep. Scott Perry (R-PA): “Director Gabbard… you can’t crypto mine in China, right? It’s outlawed in China. However, of course we’re supportive of crypto mining in the United States of America. But China’s mining in America while they can’t mine in China. And in particular, I’m thinking about one site where the mining was occurring close to intercontinental ballistic missiles. And CFIUS was tipped off by Microsoft. And of course there are actions ongoing. Should the Chinese Communist Party sanctioned individuals or interest be allowed to crypto mined near sensitive military or national security sites in the United States of America? And if not, what should we be doing about?”
  • Tulsi Gabbard: “Thank you for your question, Congressman. I’m not fully aware and up to date on the specific example that you’ve mentioned. And I will look into that and have to get back to you further. I absolutely look forward to having the conversation with you. Broadly, this is obviously a concern that any of these activities occurring near or around any of our military sites creates that potential national security risk and the potential for foreign intelligence collection.”

• Sen. Todd Young (R-IN): “…Director Gabbard, not a lot of time left on this end, but I do have a little crypto interest I wanted to communicate to you. Can you share with this Committee how our position to disrupt foreign cyber efforts to steal cryptocurrency, such as the North Koreans has successfully done if others would like to pull this thread and weigh in on this question. Very briefly, that would be great.”
  • Tulsi Gabbard: “Senator, we’re obviously aware of North Korea’s revenue generating by stealing cryptocurrency has had a significant effect on North Korea’s capabilities. I defer to our technical experts on the actions that are being taken.”

Miscellaneous

• On two sticking points in stablecoin legislation, application of the Bank Secrecy Act and treatment of foreign issuers such as Tether, Rep. Tom Emmer (R-MN) told Decrypt, “The protections the so-called Bank Secrecy Act is supposed to provide were drafted for cash, and this is blockchain-driven. And guess what, everything on the blockchain is open and transparent to people who understand how to follow code. It’s pretty interesting to say that the Bank Secrecy Act—which doesn’t even contemplate this type of technology, a digital asset—should be what we’re using.” Emmer added, “We’ve got to let everybody compete in this space… Tether has done a great job straightening itself out in the last four years.” (Decrypt)

• Rep. Zach Nunn (R-IA) tweeted, “I introduced the Financial Technology Protection Act, a bipartisan bill to stop terrorist financing and money laundering online. This bill safeguards our national security while protecting innovation by cracking down on criminals exploiting digital assets.”

• Rep. Young Kim (R-CA) tweeted, “Thank you to the Digital Chamber Blockchain Summit for having me to discuss the positive impacts of blockchain & crypto currency. These emerging technologies have the possibility to uplift communities, increase opportunity, & help the U.S. lead in innovation!”

• Rep. Troy Downing (R-MT) tweeted, “The United States can either lead in digital asset innovation or cede authority and opportunity to the rest of the world. Let’s keep that innovation in American markets.”

• Rep. Dan Meuser (R-PA) tweeted, “Stablecoins are the on-ramp to the digital asset ecosystem. The STABLE Act, led by RepBryanSteil & Chairman RepFrenchHill, strikes the right balance which is why I’m an original cosponsor. It empowers banks to leverage blockchain technology, expands access to digitalassets, and reduces payment friction. This is a key step toward making the U.S. the crypto capital of the world—and delivering on realDonaldTrump’s promise.”

• Rep. Tom Emmer (R-MN) tweeted, “Today, RepDarrenSoto and I reintroduced the bipartisan Securities Clarity Act to codify, once and for all, that, like the orange groves in SEC v. W. J. Howey Co., a digital asset is separate and distinct from an investment contract through which it may be offered. American prosperity, ingenuity, and opportunity demand legal clarity. The Securities Clarity Act is one piece of that puzzle.”

• Sen. Cynthia Lummis (R-WY) tweeted, “Had a great conversation with saylor at the DC Blockchain Summit yesterday. Bitcoin and digital assets are the future, and I am thrilled POTUS has taken big strides to secure America’s place as a financial leader.”

• Sen. Bernie Moreno (R-OH) tweeted, “Under President Trump’s leadership America will be the world standard for digital assets!”

• Sen. Kevin Cramer (R-ND) tweeted, “A central bank digital currency has the potential for financial monitoring and surveillance and could turn the Federal Reserve into a retail bank. Despite the previous administration’s push for this, Congress should not be circumvented and our bill ensures it!”

• Senate Banking Chair Tim Scott (R-SC) tweeted, “RepFrenchHill and I understand that our regulatory framework for digital assets must encourage innovation in the United States, not overseas. Working together, we can unlock pathways for success and empower communities to thrive. Thank you, DigitalChamber, for having us!”

• Scott made remarks at the event, saying, “I am bullish that we are able to regain the high ground of digital supremacy. If you think about why the industry left our shores, so to speak, it’s because we made it impossible to do business here. The good news is that we’re making it easy to do business here and I believe that allows the onshoring to happen. We’re already seeing that, hearing that, and feeling it and more to come. I think what we have to do is make sure that we continue to be that city on a hill…in our approach. By doing that, we attract more folks here with the simple concept of innovation before regulation.” (Press release)

• Rep. Jay Obernolte (R-CA) tweeted, “Congratulations to MKratsios47 on his confirmation as Director of the Office of Science and Technology Policy. His proven leadership in emerging technologies will be invaluable as the United States navigates the future of artificial intelligence and digital innovation. I look forward to working together to advance American technological leadership!”

• Sen. Ted Cruz (R-TX) tweeted, “In 2022, the Biden Department of Labor issued Compliance Assistance Release No. 2022-01 to target crypto and restrict investment choices 401(k) plans—bypassing congressional oversight in the process. Today, I asked the GAO to determine whether this guidance qualifies as a rule that should have been submitted to Congress for review under the Congressional Review Act. I am committed to ending the Biden administration’s anti-crypto agenda.”

• Sen. Rick Scott (R-FL) tweeted, “Thank you, President Trump, @FBIDirectorKash and @AGPamBondi, for keeping this crypto out of the hands of terrorists, who are still holding Americans and Israelis hostage. The United States stands with Israel.”

• Rep. Chuck Fleischmann (R-TN) tweeted, “A pleasure to keynote a discussion on the importance of expanding nuclear power to meet our energy needs as we continue to see exploding growth in AI, crypto, and data centers across our nation.”

• Rep. Mike Carey (R-OH) tweeted, “Onto POTUS! My bill to repeal the IRS DeFi Crypto Broker Rule passed the Senate with help from SenTedCruz. I encourage the President to sign this bill that helps keep America the global crypto leader.”

• Financial Services Committee tweeted, “NEW: Chairman RepFrenchHill: “‘I am pleased to see the removal of reputational risk from bank exams. Under the Biden Admin, the FDIC was wasting resources targeting crypto firms instead of focusing on their core mission. Now, Acting Chair Travis Hill and the Trump Admin are working to right the ship. The Committee looks forward to a new vision for digital assets at the FDIC.’”

• Rep. Don Beyer (D-VA) made remarks at a Ways and Means Trade Subcommittee hearing, saying, “Countries around the world and businesses around the country are scrambling to understand the MAGA astrology that these supposedly “reciprocal” tariffs will be based. Investment is on pause; your 401k is down, and uncertainty is up. This opacity might be less dangerous if the President wasn’t simultaneously promoting his crypto token– a historic platform for industrialized bribery.” (Press release)

About Zero One Strategies

Zero One Strategies is a boutique government relations practice dedicated to navigating the complex landscape of U.S. federal policy in emerging technologies. As advancements in technology continue to outpace regulatory frameworks, Zero One Strategies aims to provide strategic guidance and bipartisan advocacy for innovators and businesses operating at the forefront of technological development.

The practice focuses on key areas such as artificial intelligence, blockchain, decentralized technologies, cybersecurity, data, and digital infrastructure, as well as the multiple policy issues impacting these sectors, including tax and financial services.

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