The US Congress holds the first hearing of the joint committee for crypto legislation
The US Congress holds the first hearing of the joint committee for crypto legislation
Two committees in the US representative house held the first joint hearing on the subject of crypto on Wednesday to pave a way for legislation to digital assets.
The early phases of the hearing proved to be combative, since some democrats asked the question of whether crypto-specific laws should be signed at all.
a focus on legislation
The Listen The event held by the Financial Service Committee of the Representative House (HFSC) and the Agriculture Committee of the House of Representatives " Digital assets: measurement of regulatory gaps in the market for digital assets ”.
HfSC chairman Patrick Mchenry announced that the hearing would take place at the Consensus 2023 in April. would receive digital assets. In his opening speech, Mchenry emphasized against his committee colleagues that "the purpose here is to issue laws".
"We have to do it right for several reasons," he said. "One is to use innovations and to enable consumer protection.
his counterpart and ranking democrat in committee, Maxine Waters, agreed that it was time to continue with the elaboration Legislation - Security and Exchange Commission (Sec) to pursue fraudulent crypto companies. "This should be cross -party concerns, and laws on their solution should come to the president's desk." Stephen Lynch, the highest democrat in the subcommittee for digital assets, but was not quite the same opinion. He claimed that the creation of new laws for digital assets appeared "unnecessary and unnecessary", since the current securities laws of the financial system "have caused massive innovations in our financial system for decades". His comments largely matched those of the second chairman Gary Gensler, who repeatedly declared that the laws that are in the books bring advantages to his authority crypto. However, the Commodities and Futures Trading Commission (CFTC) has been in contradiction to the SEC, arguing that the CFTC has more authority about crypto. towards the end of the hearing, Brad Sherman-the California Democrat and prominent crypto critic-asked whether digital assets in the United States should have a future. He described cryptocurrencies as a "hidden monetary system" that distracts capital investments from useful industries and its "declared purpose" is to avoid sanctions and tax laws. "Crypto brothers literally earn money by making money and they earned over a trillion dollar," said Sherman later on Wednesday at a separate hearing. "You will accuse the US government to make money out of nowhere. Maybe we'll do it, but we are the US government." HfSC chairman Mchenry Sch was a hearing with the claim that the current approach of the SEC in the event of disclosure declarations and registrations "for digital assets does not work" and that the CFTC needs additional authority over the market. "The CFTC and the Sec alone cannot do it. The congress has to act," he said. last month said Mchenry that he expects the president to sign a law on cryptocurrency within the next 12 months. . The future of crypto in the United States