US Kicks Off Digital Asset Regulation With Joint House Hearing

2023-5-10 19:15

The U.S. House Financial Services and Agriculture Committees have met to consider changes to existing legislation to address crypto disclosures and dispel regulatory uncertainty.

The committees, chaired by Senator Patrick McHenry and Representative Glenn Thompson, heard testimonies from Kraken, Web3, TradFi, and regulatory personnel.

Regulators Spar Around SEC Disclosure Regime

Rather than advancing new U.S. crypto legislation, the hearing entitled The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets mulled supplementing existing laws with crypto amendments.

It follows an April 27 Agriculture subcommittee hearing views on regulating crypto spot markets. 

McHenry confirmed in his opening statement,

“The purpose here is to make law for us to give assurance to the marketplace and to consumers to close regulatory gaps…to harness innovation and enable consumer protection [and to] ensure that the [Commodity Futures Trading Commission] and the Securities Exchange Commission (SEC) will work together to ensure that consumers are protected unlike what is currently happening.”

In his opening statement, Agriculture Committee member Representative Dusty Johnson affirmed the potential of blockchain technology.

“We know that digital assets and the blockchain technology holds real promise…I think all of us know the current uncertainty does not serve us well. It doesn’t serve the marketplace.”

Johnson previously filed a Resolution to support blockchain and digital assets. The Resolution establishes the House’s view that the SEC’s process to identify securities needs revision.

The Resolution further argues that the SEC’s current disclosure scheme cannot capture digital asset features an investor needs to make informed decisions. Kraken’s chief legal officer Marco Santori captured a similar sentiment in his opening remarks.

However, Representative Stephen Lynch countered that crypto advocates criticize SEC disclosure regimes because they know their businesses do not comply with “orderly markets and investor protection law.” 

“Rather than comply with existing rules, various cryptocurrency firms have engaged in a legal battle against the SEC.”

He pointed out that the SEC had “prevailed” in its 130 cases against the crypto industry.

Earlier this year, the agency sued Kraken for offering its Ethereum staking products as unregistered securities. The firm settled with the SEC without admitting nor denying guilt.

A court recently ordered the SEC to respond to Coinbase‘s request for regulatory clarity. The SEC had previously issued Coinbase a Wells Notice threatening enforcement against unregistered securities listings.

Don’t Expect US Crypto Legislation Soon, Says Commissioner

Speaking at the Financial Times Crypto and Digital Assets Summit in London, SEC Commissioner Hester Peirce is not optimistic about U.S. crypto legislation any time soon.

However, she pointed out the U.S. could mine Europe’s Markets-in-Crypto-Assets regulation for regulatory clues. The European Union recently passed the MiCA bill. The legislation defines asset disclosure requirements and money laundering rules for crypto exchanges, among other things.

Harvard researcher Timothy Massad advocated a Self-Regulatory Organization involving the SEC and the CFTC at the hearing. The United States Congress would sanction the SRO.

In Europe, firms with licenses in one EU member state can operate in the remaining 26. Local regulators handle license applications, while the European Banking Authority and the European Securities Authority enforce compliance with MiCA rules.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post US Kicks Off Digital Asset Regulation With Joint House Hearing appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Cthulhu Offerings (OFF) íà Currencies.ru

$ 0.00200758 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Äîñòóïíî / Âñåãî 0 OFF

regulation hearing kicks off digital crypto asset

regulation hearing → Ðåçóëüòàòîâ: 49


Ôîòî:

Congress’s Failure to Pass Regulation Caused FTX’s Debacle, Asserts Crypto-Friendly Senator

US Senator Pat Toomey has blamed FTX’s collapse on the lack of clear regulations. Speaking during the Financial Regulators Hearing on November 15, the legislator took aim at the US Congress, suggesting that if the house had passed regulations on custody for the industry earlier, the FTX implosion could have been avoided. “It certainly appears […]

2022-11-18 23:56


Ukraine’s Cryptocurrency Draft Bill Received 67% Approval In its First Parliamentary Hearing

Ukraine has marked another milestone towards the path of crypto regulation, with the country’s proposed draft bill passing its first parliamentary hearing this week. This was the document’s initial debut in the Verkhovna Rada parliament and was passed by an overwhelming 240 votes out of the possible 340.

2020-12-4 19:37


Ôîòî:

Ripple CEO Praises Central Banks in US Congress Open Letter

Ripple, the entity notionally behind cryptocurrency XRP, has asked US lawmakers for more advantageous regulation, saying it is “serving the greater good. ” Ripple Wants To ‘Serve Greater Good’ In an open letter to Congress ahead of a fresh hearing on crypto and blockchain policy July 30, CEO Brad Garlinghouse requested politicians not apply a one-size-fits-all approach to the industry.

2019-7-29 15:00


Bitcoin [BTC] should have minimal regulation, taxation around it, says former US Representative Ron Paul

Ron Paul, a former US Representative, spoke with CNBC Crypto Trader regarding Brad Sherman’s comments on Bitcoin and aspects regarding Bitcoin’s regulations. Brad Sherman, in a hearing, said that Bitcoin should be banned as it posed a threat to the US Dollar and in turn to the US international financial power as the US Dollar […] The post Bitcoin [BTC] should have minimal regulation, taxation around it, says former US Representative Ron Paul appeared first on AMBCrypto.

2019-5-26 21:30


Indian Bank HDFC Issues Negativity-Laden Emails to Customers Using Cryptocurrencies

India’s crypto dilemma does not seem to end as the delays in finalizing regulations were followed by a delay in the judgment over various impending cases in the Supreme court related to crypto use. After the 29th of March hearing was postponed regarding the finalization of crypto regulation by the finance ministry, the crypto community […]

2019-4-28 20:30


Indian Blockchain Summit Draws Policy Makers to Speed up Crypto Regulation

An Indian government-supported blockchain summit is drawing many policy makers with the aim to speed up the development of cryptocurrency regulation in the country. Among expected participants are officials from the Indian Ministry of Finance and the panel currently tasked with drafting the regulatory framework for cryptocurrencies.

2019-2-15 08:35