The House Agriculture Committee met on Tuesday to discuss legislation concerning the regulation of cryptocurrencies. The hearing will provide clarity for digital asset spot markets and will hear from a range of individuals, including the Chair of the US Commodity Futures Trading Commission, Rostin Behnam, Coinbase’s Chief Legal Officer, Paul Grewal, and former CFTC Chair Christopher Giancarlo.
The list of testimonies includes former SEC Commissioner Dan Gallagher, who now serves as the chief legal compliance and corporate affairs officer at Robinhood Markets, Inc. Former CFTC Commissioner and former SEC General Counsel Dan Berkovitz and former CFTC Acting Chairman and now CEO of the Futures Industry Association Walt Lukken will also be testifying.
The hearing follows the release of draft legislation by House Agriculture Chair Glenn “GT” Thompson, R-Pa., seeking to regulate the cryptocurrency industry. The Digital Asset Market Structure Discussion Draft would clarify when a digital asset is considered a security and should be regulated by the SEC. The legislation would also create a process for intermediaries to register with the SEC or the CFTC and establish a framework for the CFTC to regulate digital commodities.
Crypto Exchange Binance
The hearing comes after news of a Securities and Exchange Commission complaint filed against crypto exchange Binance. While Binance has not been directly implicated, the complaint alleges that Binance failed to register as a securities exchange, thus violating federal securities laws. This has raised concerns about the need for increased regulation in the cryptocurrency industry.
The hearing is an important step towards creating a regulatory framework for the cryptocurrency industry. With a range of experts testifying, the committee will be able to consider different perspectives and come to a decision that will provide clarity and protection for investors and market participants. As the industry continues to grow, it is crucial that measures are put in place to ensure that it remains secure and transparent.