{"id":140644,"date":"2023-06-09T21:17:07","date_gmt":"2023-06-09T21:17:07","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=140644"},"modified":"2023-06-10T07:22:40","modified_gmt":"2023-06-10T07:22:40","slug":"us-financial-services-committee-schedules-hearing-to-discuss-future-of-crypto","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/us-financial-services-committee-schedules-hearing-to-discuss-future-of-crypto\/","title":{"rendered":"US Financial Services Committee Schedules Hearing To Discuss Future Of Crypto"},"content":{"rendered":"\n<p><strong>The United States House of Representatives Financial Services Committee Chairman Patrick McHenry has just called for a congressional hearing on June 13<\/strong>&nbsp;in an effort to discuss the future of the crypto ecosystem and provide clarity on the ongoing debate regarding digital assets.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Congressional Hearing On Digital Assets<\/h2>\n\n\n\n<p>Amidst the heavy crackdown on digital assets with major&nbsp;cryptocurrency <a href=\"https:\/\/crypto-economy.com\/cryptocurrency-exchange\/\" target=\"_blank\" rel=\"noreferrer noopener\">exchanges<\/a> like Binance and Coinbase drawing strict scrutiny from regulators, McHenry has&nbsp;announced&nbsp;a full committee hearing titled, <em>\u201cThe Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.\u201d&nbsp;<\/em><\/p>\n\n\n\n<p><strong>It seems the upcoming hearing will seek to provide a blueprint regarding the future of the digital asset industry and lay the groundwork for a regulatory framework in the crypto ecosystem.<\/strong> As per the official <a href=\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408853\" target=\"_blank\" rel=\"noreferrer noopener\">press release<\/a>, the hearing will be live-streamed on the Committee\u2019s website. The list of witnesses should also be available on the website in the coming days.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/NEW?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#NEW<\/a>: Chairman <a href=\"https:\/\/twitter.com\/PatrickMcHenry?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@PatrickMcHenry<\/a> announces a hearing on the future of the digital asset ecosystem and Congress&#39; efforts to provide clear rules of the road.<br><br>Read more \ud83d\udd17<a href=\"https:\/\/t.co\/HwaPWBjJqG\" target=\"_blank\">https:\/\/t.co\/HwaPWBjJqG<\/a><\/p>&mdash; Financial Services GOP (@FinancialCmte) <a href=\"https:\/\/twitter.com\/FinancialCmte\/status\/1666199705720610837?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 6, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>However, it did not provide further information about what will be discussed in the hearing. The announcement comes shortly after the US Congress House of Representatives Committee on Agriculture held a hearing on June 6, called&nbsp;<em>\u201cThe Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets.&#8221;<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">While the upcoming June 13 HFSC hearing is an important one for crypto, the one being held next week by <a href=\"https:\/\/twitter.com\/HouseAgGOP?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@HouseAgGOP<\/a> is equally so. <a href=\"https:\/\/twitter.com\/CongressmanGT?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@CongressmanGT<\/a> has been a steadfast supporter of the call for clarity in this space. <a href=\"https:\/\/t.co\/DLLUjDzhQr\" target=\"_blank\">https:\/\/t.co\/DLLUjDzhQr<\/a><\/p>&mdash; Susan Friedman (@ss_friedman) <a href=\"https:\/\/twitter.com\/ss_friedman\/status\/1664342134676135949?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 1, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">US Senators Slam SEC<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"825\" height=\"301\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612.jpg\" alt=\"US Senators Slam SEC\" class=\"wp-image-140432\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612-768x280.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/figure>\n\n\n\n<p>In the wake of the heated crypto debacle with regulatory authorities in the United States,<strong> many industry as individuals well as leading regulatory authoritative figures have voiced out support against the SEC<\/strong>. On June 7, pro-crypto Republican US Senator Cynthia Lummis stated after federal agencies in the US sued Coinbase and Binance.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">My statement on the SEC suing Coinbase, inc. <a href=\"https:\/\/t.co\/5KNEM0IPSV\" target=\"_blank\">https:\/\/t.co\/5KNEM0IPSV<\/a> <a href=\"https:\/\/t.co\/EgRIxrIcjj\" target=\"_blank\">pic.twitter.com\/EgRIxrIcjj<\/a><\/p>&mdash; Senator Cynthia Lummis (@SenLummis) <a href=\"https:\/\/twitter.com\/SenLummis\/status\/1666181240167317507?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 6, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>She said that<strong>&nbsp;the SEC has failed to provide adequate legal guidance on what differentiates security from a commodity<\/strong>, adding the SEC\u2019s continued reliance on regulation by enforcement continues to harm investors. Meanwhile, Senator Bill Hagerty&nbsp;said&nbsp;the SEC was&nbsp;<strong>weaponizing its role to kill an industry.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@SECGov<\/a> is weaponizing their role to kill an industry. Allowing a company to list publicly and then stonewalling their attempts to register is indefensible. <a href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@GaryGensler<\/a>, expect to hear from Congress.<a href=\"https:\/\/t.co\/GdprSW1Yns\" target=\"_blank\">https:\/\/t.co\/GdprSW1Yns<\/a><\/p>&mdash; Senator Bill Hagerty (@SenatorHagerty) <a href=\"https:\/\/twitter.com\/SenatorHagerty\/status\/1666127979947208722?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 6, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Industry Experts Voice Out Support Against SEC<\/h2>\n\n\n\n<p>Many in the crypto industry feel the SEC is going overboard with its regulatory war against crypto. Cardano chief Charles Hoskinson made a long tweet calling the SEC action<em>\u201ca series of steps to implement chokepoint 2.0 in the United States\u201d. <\/em><strong>He further claimed that the SEC has an&nbsp;<em>\u201cagenda\u201d<\/em>of pushing the CBDC in the market<\/strong>&nbsp;by partnering with top banks and maintaining end-to-end control over the broader financial space.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">With respect to Binance, I&#39;m reading through the SEC complaint. It&#39;s over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control\u2026<\/p>&mdash; Charles Hoskinson (@IOHK_Charles) <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1665780536177217537?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 5, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p><strong>Several industry figures are showing signs of frustration at the U.S. government and regulatory bodies like the SEC and CFTC for their lack of clear rules for the industry and its actions against digital currency firms.<\/strong>&nbsp;Earlier this year, Nicolas Cary, president of Blockchain.com&nbsp;<a href=\"https:\/\/www.cnbc.com\/2023\/03\/24\/cant-get-their-act-together-crypto-firms-slam-sec-washington-for-lack-of-clarity-on-rules.html\" target=\"_blank\" rel=\"noreferrer noopener\">slammed<\/a>&nbsp;the SEC claiming the regulatory scrutiny on the crypto industry will have far-reaching consequences. Furthermore, Oliver Linch, CEO of Bittrex Global has noted,<\/p>\n\n\n\n<p><em>&#8220;Where I think you have less successful regulatory regimes is when you try to analyze crypto through the lens of traditional finance. You say, \u2018Well, is it a bit like a security? Is it a commodity? &#8230; No, it\u2019s kind of none of those things. It\u2019s crypto.&#8221;<\/em><\/p>\n\n\n\n<p><strong>It seems the recent clampdown against Binance and Coinbase has not managed to spook crypto investors much.<\/strong>&nbsp;For instance, Bitcoin (BTC) dropped sharply Monday but jumped back up more than 3% in the past 24 hours. Similarly, <a href=\"https:\/\/crypto-economy.com\/ethereum-shakes-off-sellers-eth-set-for-2000\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ethereum (ETH)<\/a> also reversed losses to trade in the green. The global crypto market cap also jumped 1.58% in the last 24 hours to $1.11 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States House of Representatives Financial Services Committee Chairman Patrick McHenry has just called for a congressional hearing on June 13&nbsp;in an effort to discuss the future of the crypto ecosystem and provide clarity on the ongoing debate regarding digital assets.<\/p>\n","protected":false},"author":21,"featured_media":140650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88,84,74],"tags":[5437,4986],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140644"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=140644"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/140650"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=140644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=140644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=140644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}