A Doubleheader Crypto Coin Is Expected In Congress
Two US. House of Representatives Committees will hold hearings tomorrow, Wednesday, July the 18th, to discuss the issue of cryptocurrencies from two different angles.
The House Agriculture Committee will focus on the emergence of digital assets, while the Financial Policy Subcommittee hearing will examine the extent to which the US. government should consider cryptocurrencies as money and their impact on the economy of the country.
The hearing of the Committee on Agriculture and Rural Development will see former JP Morgan blockchain leader and current CEO of Clovyr, Ms. Amber Baldet, former chairman of the Commodity Futures Trading Commission (CFTC), Gary Gensler, and managing partner of Andreessen Horowitz, Scott Kupor, among others important figures in the financial world.
“This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class. Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology,” Rep. Michael Conaway, chairman of the committee, said in a statement.
From the other point of view, the Financial Services audience seems to be addressing the issue more broadly by asking tomorrow: “What exactly are cryptocurrencies?”
According to a memorandum detailing the objectives of the hearing, members will assess the merits of any use of cryptocurrencies by central banks – the so called Central Bank Digital Currencies (CBDC) – and also discuss the future of both cryptocurrencies and physical cash for the future.
In March, a hearing on Initial Coin Offerings (ICOs) saw lawmakers argue for greater regulations, while Representative Tom Emmer called for more regulatory restrictions in the market.
During a hearing hosted in May, lawmakers discussed the almost unlimited applications of blockchain technology and cryptocurrencies, which could serve the Department of Homeland Security. Blockchain technology is expanding around the world and different companies are embracing the technology in many different areas.
The Agriculture Committee's gathering is set for 10 a.m. EDT, with the Financial Services Committee's hearing scheduled for 2 p.m. EDT. Bitcoin just experienced a strong price spike, tomorrow it can also keep increasing its price or test the $7,000 dollars support level.