American Innovation and the Future of Digital Assets: On-Chain Tools for an Off-Chain World

House Committee on Agriculture

Subcommittee on Commodity Markets, Digital Assets, and Rural Development

“American Innovation and the Future of Digital Assets: On-Chain Tools for an Off-Chain World”

📝 Summary Author: Jason Kronemeyer

📄 Source: Summaries on this page are the meeting transcripts.
🗓️ Date: April 9, 2025 📌 Title: “American Innovation and the Future of Digital Assets: On-Chain Tools for an Off-Chain World”
🎥 Recording: YouTube – Subcommittee on Commodity Markets, Digital Assets, and Rural Development¹

Committe Description “The U.S. House Committee on Agriculture, led by Chairman Glenn “GT” Thompson (PA-15), is a standing committee of the United States House of Representatives. The Committee has general jurisdiction over federal agriculture policy and oversight of some federal agencies, and it can recommend funding appropriations for various governmental agencies, programs, and activities, as defined by House rules.”

American Innovation and the Future of Digital Assets: Onchain Tools for an Off-Chain World

These are summary key ideas extracted from the transcript of the congressional hearing titled “American Innovation and the Future of Digital Assets: Onchain Tools for an Off-Chain World” on April 9, 2025.

🏛️ Hearing Overview

• Committee: Commodity Markets, Digital Assets, and Rural Development Subcommittee
• Focus: Exploring real-world applications of blockchain technology beyond cryptocurrency.
• Goal: Advance bipartisan digital asset market structure legislation (FIT 21).

🎯 Key Themes

• Blockchain Beyond Crypto: Emphasis on practical, non-financial applications like agriculture, GPS, and legal compliance.
• Rural Innovation: Blockchain tools are helping rural communities access modern financial and technological infrastructure.
• Regulatory Clarity: Strong bipartisan support for clear, consistent rules to foster innovation and protect consumers.
• Digital Connectivity, Literacy, and Skills, The importance of ensuring that rural communities are not left behind in the digital transformation enabled by blockchain

👥 Witnesses & Highlights

1. Bill Hughes (Consensys)
   • Blockchain (Ethereum) enables decentralized apps and smart contracts.
   • MetaMask: A self-custody wallet with 100M+ users.
   • Urged for legal clarity to support U.S. blockchain innovation.
2. Mark Tag (CattleProof Verified)
   • Uses blockchain for cattle traceability and USDA-certified data.
   • Enables tokenization of livestock for financing and transparency.
   • Advocates for stablecoin integration and rural fintech access.
3. Mike Horton (Geodet Foundation)
   • Built Geonet: A decentralized GPS network using blockchain.
   • Offers sub-inch GPS accuracy for precision agriculture.
   • Blockchain enabled rapid, low-cost infrastructure deployment.
4. Dr. Chris Brummer (Georgetown University / Blueprint)
   • Blockchain as a tool for automated legal and regulatory disclosures.
   • Blueprint helps developers embed compliance metadata on-chain.
   • Advocates for flexible, future-proof regulation.
5. Corey Garrison (Steptoe LLP)
   • Former SEC counsel; supports market structure legislation.
   • Warns of regulatory uncertainty driving innovation offshore.
   • Emphasizes need for SEC/CFTC coordination and spot market oversight.

🔌 Digital Connectivity

• Several witnesses and members of Congress emphasized that rural broadband infrastructure is essential for deploying blockchain-based tools in agriculture and rural development.
• For example, Mark Tag (CattleProof Verified) and Mike Horton (Geodet Foundation) both highlighted that without reliable internet access, many of their blockchain-enabled solutions would not be feasible in rural areas.

📚 Digital Literacy & Skills

• There was a recurring theme around the need for education and outreach to help rural Americans understand and trust blockchain technology.
• Mr. Tag specifically mentioned that blockchain and crypto can be intimidating to producers, and that tools should work in the background without requiring users to become tech experts.
• Dr. Chris Brummer also emphasized the importance of making blockchain tools intuitive and user-friendly, so that people can benefit from them without needing deep technical knowledge.

🧠 Congressional Perspective

• Members like Rep. Don Davis and Rep. Terri Sewell asked how to ensure that rural communities are included in the innovation wave, and how to educate both constituents and lawmakers about blockchain’s potential.
• The discussion emphasized the importance of inclusive education and outreach efforts to bridge the gap between urban and rural areas in adopting blockchain technology.

🧩 Legislative Priorities

• FIT 21: Seeks to define digital asset classifications and regulatory responsibilities.
• CFTC Reauthorization: Ensure adequate resources for oversight.
• Rural Development: Leverage blockchain for broadband, finance, and infrastructure.

🧠 Key Takeaways

• Blockchain is solving real-world problems in agriculture, logistics, and compliance.
• U.S. risks falling behind without clear, supportive regulation.
• Education and outreach are essential to demystify blockchain for rural communities.