US Congress To Hold Two Contrasting Hearings on Cryptocurrencies

This week, the US Congress will be busy debating on the contentious issue of digital currencies, as tow hearings have already been scheduled. As previously reported, the House of Representatives was to meet on Wednesday 18th July to deliberate on the future of cryptocurrencies, and whether they can eventually usurp fiat currencies as the preferred monetary system. Besides, the legislators will also discuss the potential use cases for virtual money, both locally and globally.

Now, the House Agriculture Committee has confirmed that it will hold a hearing to ascertain the categorization of digital currencies as a new asset class. According to the committee’s chairperson, Michael Conaway, the debate will evaluate the promise of digital assets, as well as the regulatory problems facing this nascent asset class. Albeit peculiar, this statement is particularly encouraging since it shows that some of the US government officials view cryptocurrencies as an emerging asset class. Michael further added that the Agriculture Committee is unbiased in the promotion of commodities, regardless of whether they are upcoming or not.

Still, these two hearings are openly contrasting, since one indicates openness while the other is rather conservative. The Agriculture Committee hearing is expected to start at 10 a.m. EST while the other hearing will commence at 2 p.m. EST. Both hearings will be aired online.

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