“The American Fintech Council (AFC) is encouraged by Congress’ ongoing efforts to develop a comprehensive framework for digital assets. The recent markups on bipartisan, bicameral stablecoin legislation, along with today’s hearing in the House Financial Services Subcommittee on Digital Assets, Financial Technology, and AI represent important steps toward building a modern regulatory regime that fosters responsible innovation while protecting consumers within the digital assets space.

“As this work continues, AFC urges Congress to prioritize a level playing field for all participants in the digital assets ecosystem—banks, nonbanks, and fintechs alike. Regulatory clarity should not create artificial advantages for incumbents or hinder the responsible growth of new entrants. Allowing banks to responsibly engage in digital asset activity is critical to building a safe, sound, and trusted ecosystem. Any framework that excludes or restricts bank participation risks fragmenting the market and undermining long-term stability.

“A unified framework that enables responsible banks and fintechs to work together under clear, consistent rules is essential to ensuring consumer trust, market stability, and fair competition.

“AFC looks forward to continued engagement with lawmakers and regulators as they build a framework that balances responsible innovation, competition, and safety for all consumers.”

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