US Congressional Hearing Scheduled to Provide Clarity for Crypto Assets

The United States House of Representatives Financial Services Committee will hold a hearing to address the future of cryptocurrency and offer guidance for the evolving world of digital assets. The hearing, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” will focus on shedding light on regulatory frameworks and is scheduled for Tuesday, June 13th.

The hearing will be live-streamed on the committee’s official website. Republican lawmakers Patrick McHenry and Glenn Thompson have also released a draft bill aimed at establishing a clearer regulatory framework for cryptocurrencies and exchanges. The bill proposes the establishment of a division of authority between the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) for the oversight of crypto-related activities, and allowing crypto assets to be traded on more traditional trading platforms.

Meanwhile, pro-crypto Republican US Senator Cynthia Lummis expressed her concerns about the lack of clear legal guidance regarding the distinction between securities and commodities after the recent lawsuits filed by the SEC against Coinbase and Binance. She criticized the SEC for its reliance on regulation through enforcement, stating that it has had a detrimental impact on investors and hindered the growth of the crypto industry.