On Wednesday, the congressional committees held two hearings about cryptocurrency.
The 1st hearing was held by the Financial Services Committee on- “Digital Currency: The Future of Money”. The key focus of committee here was to encourage the US to consider cryptocurrency as equivalent as traditional money.
The 2nd hearing was held by the House Agriculture Committee on “An Oversight of New Assets in the Digital Age: Cryptocurrency”. Here the main focus was on the regulatory challenges that are facing these new digital assets.
The Agriculture Committee and the Cryptocurrency Mainstream
The official statement goes as follows:
“This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class. Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology.”
Though the statement didn’t explain what “the new technology” means but the sources points to it as the “crypto and crypto futures trading”
The chairman of the Agriculture Committee, “Michael Conaway” and member of the Minnesota Democratic Farmer Labor Party, “Collin Peterson” pinpoint five targets to clarify about the cryptocurrency industry regulation:
- Assisting a safe, effective and transparent tokens market
- The orthodox regulation doesn’t always signify the intrusive regulation
- Recognize whether the tokens are securities
- Resolving whether the present laws are suitable to apply
- Protecting enough oversight to support the space grow sensibly
Conaway’s opening statement explained the reason behind the Agriculture Committee consideration on crypto policy. He encourages the properly regulated market and said;
“It promotes innovation and fosters economic growth, and I don’t believe that will be any different with digital assets. Of course, “proper regulation” does not mean “intrusive regulation.” It means, regulation appropriate to the nature of the activities and the participants, and in some cases, it might even mean no regulation at all.
A list of committee witness is mentioned below;
- Mr. Joshua Fairfield- William Donald Bain Family Professor of Law and Lee University School of Law
- Mr. Scott Kupor- The Managing Partner, Andreessen Horowitz, CA
- Ms. Amber Baldet- CEO and Co-Founder at Clovyr, New York
- Mr. Daniel Gorfine- The Director at LabCFTC and Chief Innovation Officer at CFTC, Washington
- The Honorable Gary Gensler- The Senior Lecturer at MIT Sloan School of Management, Brooklandville
- Mr. Lowell Ness- The Managing Partner at Perkins Coie LLP, CA
After the long session of hearings, Congress strikes to be very responsive to the idea of the new disruptive technology.
However, it’s still the matter of concern how well and appropriates it can regulate. Also, this hearing is not the last cryptocurrency hearing by the House Agriculture Committee. You can view the recent hearing in full here:
What’s your prediction about Congress’ decision for cryptocurrency? Send us your thoughts in the comments below.
Image Source: US Committee