Crypto Doubleheader on Capitol Hill
Wednesday looks to be a monumental day for cryptocurrencies in the United States as two House of Representative committees will meet to evaluate the topic from different angles and viewpoints.
The Financial Policy Subcommittee will evaluate the extent to which cryptocurrencies can be considered money moving forward, whereas the House Committee on Agriculture will focus on the emergence of “digital assets.”
According to information released Tuesday, the Agriculture Committee hearing will see former JPMorgan blockchain lead and current CEO of Clovyr, Amber Baldet; Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC); and Andreessen Horowitz managing partner Scott Kupor, among others, testify.
“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," Rep. Michael Conaway, chairman of the committee, said.
The Financial Services Committee will be tackling the broader questions of what cryptocurrencies are exactly. Based on the hearing’s goals, members “will evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash."
None of the committee members contacted were available for comment, leaving sentiment around the topics open ahead of the meetings.
For those tuning in, one can refer to the last few times Congress discussed the subject, to gain a better understanding of what to expect.
In March, a hearing on initial coin offerings, a likely subject tomorrow, saw arguments for greater protection while a Representative called for regulatory restraint. A further hearing in May saw lawmakers discuss the “almost limitless applications of the technology.”
Tomorrow is sure to be an important day for cryptocurrencies on Capitol Hill.
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