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Though comprehensive digital currency regulation has yet to materialize in the United States, protracted discourse on the matter suggests incremental progress. What lies ahead?
Assembly Featuring Crypto-Centric Agenda
The spate of insolvencies among cryptocurrency firms within the past year, particularly the implosion of the Democratic Party’s erstwhile darling, SBF, has catalyzed political action. SBF frequently advised the House of Representatives on crypto regulation last year, concurrently bestowing munificent contributions upon the Democrats. Prior to its bankruptcy, the firm also declared intentions to amass up to $1 billion for the 2024 elections. However, it became evident that these ambitions were vacuous, and the company gambled with clients’ assets.
Returning to the subject at hand, the House of Representatives shall assemble next Wednesday, focusing on a cryptocurrency agenda. Regulatory lacunae in digital currency markets will be scrutinized during this gathering. The principal theme of the hearing, orchestrated by the Financial Services and Agriculture Committee, shall be “The Future of Digital Assets.”
Cryptocurrency Regulation in the US
In the wake of President Biden’s executive order, expeditious implementation of cryptocurrency regulations was anticipated. However, the collapses of LUNA and FTX engendered alternative queries. A prevailing issue is the majority of the House of Representatives’ members possessing limited comprehension of cryptocurrencies and a general lack of technological aptitude. One can recall the GameStop hearings of 2021 for a prime example. For amusement, one might revisit the hearings conducted at that time.
Nonetheless, the United States boasts an effective system. Despite the politicians’ technological limitations, they invite domain experts to provide testimony. The ensuing exchange of opinions and rebuttals between opposing factions is a commendable aspect of the process. Moreover, it benefits the cryptocurrency industry, as leading figures have the opportunity to advocate for digital currencies.
Considering the global ramifications of US regulations, it is hoped that any forthcoming measures will be judicious.
So, who shall attend Wednesday’s hearing?
- Matthew Kulkin (Former Division Director of the Commodity Futures Trading Commission)
- Dan Berkovitz (Former SEC Commissioner)
- Marco Santori (Kraken Chief Legal Officer)
- Daniel Schoenberger (Web3 Foundation Legal Officer)
Former SEC and CFTC executives shall confront attorneys. The outcome of Wednesday’s proceedings remains to be seen.
