By George Ward
The Financial Services Committee of the United States House of Representatives has set a date to deliberate on cryptocurrencies. As part of the discussion, the committee aims to explore the industry’s potential and offer comprehensive guidance for the evolving digital assets landscape.
The Upcoming Crypto Discussion
Chairman Patrick McHenry of the House Financial Services Committee disclosed the upcoming event would be a comprehensive crypto-focused hearing organized by the committee. Titled “The Future of Digital Assets: Paving the Way for Clarity in the Digital Asset Ecosystem,” the upcoming event is scheduled for June 13, precisely at 2:00 pm Eastern Time.
Notably, the committee confirmed that the hearing would be broadcast live on its official website to allow more complete access and engagement. It is worth noting that the jurisdiction of the Financial Services Committee covers a broad range of financial markets concerning the nation’s economy.
As part of its oversight activities, this committee exercises control over the operations of different reserve banks, the Federal Reserve Board, and crucial entities such as the United States Treasury. Additionally, the committee assumes responsibility for the well-being of capital markets and the intricate processes involved in currency creation and distribution, ensuring their smooth functioning for the country’s benefit.
Although the committee has opted not to disclose specific details regarding the agenda of the upcoming hearing, anticipation is rising within the crypto community. Crypto enthusiasts and stakeholders alike are eagerly awaiting the commencement of the meeting, with hopes that it will address some of the most urgent and critical concerns currently prevailing within the crypto space.
Crypto Community Hits Out At SEC Chair
As the ongoing offensive against the crypto industry continues, driven by the US Securities and Exchange Commission (SEC) under the leadership of Gary Gensler, the crypto community has been voicing its displeasure. Commenting under the Twitter post of the Financial Services Committee, a Twitter user wants the committee to look into the unwarranted attacks on the crypto space by the SEC-led Gary Gensler.
In addition, the user cited the recent lawsuits against the world’s largest crypto trading firm, Binance and America’s leading digital asset services provider, Coinbase, as part of the regulator’s high-handedness. Some community members also expressed their desire for the committee to wield its oversight powers over Gensler.
They added that the SEC chief had shown a degree of “disregard” towards the discussions and deliberations that have taken place during past hearings. This announcement comes in the wake of another hearing conducted by the US House of Representatives Agricultural Committee, which took place on June 6.
During the meeting, the committee discussed the future of digital assets, focusing on the draft bill sponsored by Chairman Patrick McHenry and Representative Glenn Thompson, the distinguished leader of the House Agricultural Committee. According to Rostin Behnam, the Commodity Futures Trading Commission (CFTC) chair, the proposed bill would not disrupt the current legal framework or alter prevailing authorities.
Instead, its primary objective is to close existing legal gaps, particularly within spot markets for digital assets that fall outside the purview of securities regulation. Moreover, the Thompson-McHenry bill seeks to redefine the classification of securities and commodities based on the specific trading methodology.
It also considers whether the asset was acquired directly from the issuer or purchased on an exchange but under the purview of existing regulations.