U.S. Congress Begins to Discuss the Cryptocurrencies Regulation
DailyCoin
Published Nov 17, 2021 02:53AM ET
U.S. Congress Begins to Discuss the Cryptocurrencies Regulation
- The announcement of the hearing to be held by a special bipartisan committee comes hours after President Joe Biden enacted the 1.2 billion Infrastructure Plan.
- Based on the recommendations arising from the committee’s discussions with industry experts, a legal framework will be created to regulate cryptocurrencies.
- Four personalities from the crypto industry have been invited to this first session in Washington.
The Joint Economic Committee of the United States Congress meets on Wednesday afternoon to discuss the regulation of Bitcoin and other cryptocurrencies, which different sectors of the country and the crypto industry have been calling for.
The hearing will be attended by Democratic and Republican legislators from the Senate and House of Representatives and various industry experts. The session will be chaired by the Democratic representative and chairman of the bipartisan committee, Donald Beyer, who introduced a bill to regulate digital assets in July.
The objective of this legislative work session is to determine the role of the federal government in the regulation of cryptocurrencies. The legislative hearing was announced the day after President Joe Biden enacted his 1.2 billion Infrastructure Plan.
The discussion of this matter had not been formally touched by legislators until now. Only tangentially at the beginning of August on the occasion of the inclusion of taxes on Bitcoin in the Biden Plan by the Senate.
On The Flipside
- Now, with the creation of this bipartisan committee, it is presumed that the regulation of cryptocurrencies will be a fact by next year.
- Constant pressure on legislators and the need for the government to expand its tax base are speeding up the crypto regulatory process.
- It is a hotly growing market that already exceeds $ 3 trillion.
The creation of a legal framework to regulate the mining, trading and circulation of digital assets has been requested by the US Securities and Exchange Commission (SEC) and by the US exchange platform Coinbase (NASDAQ:COIN).
SEC Chairman Gary Gensler believes the regulatory body has sufficient authority to enforce regulations passed by Congress. But Coinbase believes that it would be better to create a new regulatory agency dedicated exclusively to the industry.
The discussion about the regulation of cryptocurrencies, had until now been a topic of constant discussion in the media and social networks, but not in the legislative sphere. Government agencies have been very active in the last three months lobbying Congress to legislate on cryptocurrencies, including stablecoins.
Sectors of the crypto industry consider that if the legislative branch does not act soon, it will fall behind Europe, Australia and even many Latin American countries in regulatory matters.
Get The News You Want
The legislative hearing will be broadcast live from the Cannon House building on the YouTube channel of the Joint Economic Committee of the US Congress at 2:30 pm (Washington DC time) and is titled “Demystifying Crypto: Digital Assets and the Role of Government ”.
Lawmakers have invited four industry experts to speak about cryptocurrencies and the blockchain to this audience. They are Tim Massad, a Harvard University researcher and former chairman of the Commodity Futures Trading Commission, and Alexis Goldtein, director of financial policy for the Open Markets Institute.
Also present will be Peter Van Valkenburgh, director of research at the Coin Center organization, and Kevin Werbach, director of the blockchain and digital assets project at the University of Pennsylvania. Like Senators Rob Portman and Ted Cruz, both have voiced the need to regulate cryptocurrencies and harness their potential.
Why You Should Care?
- This is the formal beginning of the cryptocurrency regulatory process in the United States.
- Based on the discussion and recommendations presented by the Joint Economic Committee, the full Congress will approve a regulatory framework for the entire industry.
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