The House Financial Services Committee will hold a hearing Wednesday on tokenization, focusing on two bills: one mandating a joint SEC-CFTC study on tokenized securities and derivatives, and another permitting certain regulated firms to use blockchain-based records under future SEC rules. The witness list, featuring representatives from SIFMA, DTCC, Nasdaq, and the Blockchain Association, skews toward incumbent financial and crypto industry voices, with noted absences including consumer advocates and DeFi representatives. Critics argue the hearing may sideline core unresolved legal questions, such as the classification of tokenized assets and handling of blockchain-specific risks like lost private keys.