Crypto industry advocates are seeking increased regulatory clarity under the Trump administration, urging policymakers to act urgently to address prior regulation-by-enforcement tactics. This was discussed during a hearing by the US House Subcommittee on Digital Assets on February 11. Witnesses, including Kraken’s Jonathan Jachym and former CFTC Chair Timothy Massad, emphasized the need for fundamental rules for centralized intermediaries. Massad criticized the recently proposed STABLE Act, highlighting several shortcomings: it lacks clarity on the consequences for a stablecoin issuer's bankruptcy, does not sufficiently address financial crime risks, and has no enforcement mechanisms for its provisions. Furthermore, Massad remarked that the act does not give regulators adequate authority to manage significant players in the market, especially in light of the substantial value of existing stablecoins.

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