2 years ago
The U.S. House Committee connected Agriculture heard grounds connected June 6 regarding a draught treatment measure connected cryptocurrency precocious precocious by Republican lawmakers.
Coinbase, Robinhood state support
Rep. Glenn Thompson, 1 lawmaker who initially precocious the draught treatment bill, said that the gathering is intended to sermon the measure with Democratic members.
He expressed a tendency for a “bipartisan, associated committee legislative proposal.”
Thompson noted that Coinbase faced caller regulatory enactment contiguous arsenic the U.S. Securities and Exchange Commission (SEC) charged the institution with violations of securities law. He said that this lawsuit is “exactly why” the existent proceeding is being held and expressed absorption to regularisation by enforcement.
Paul Grewal, Coinbase’s CLO, expressed enactment for the Republican measure successful his statement, calling it “a beardown measurement guardant successful providing overdue regulatory clarity.” He said that Congress indispensable abstracted integer assets and commodities — thing that helium said the measure accomplishes by drafting connected erstwhile regulations, discussions, and findings.
Dan Gallagher, Robinhood’s Chief Legal Compliance and Corporate Affairs Officer, besides testified. He called the draught measure “an important measurement successful providing needfully regulatory clarity” and said that Robinhood “generally supports” the goals of the draught bill.
CFTC president expresses constricted support
Rostin Benham, president of the Commodities and Futures Trade Commission (CFTC), said helium is “encouraged” by efforts to adjacent the regulatory gap.
However, helium said that the integer commodity marketplace should beryllium protected by “time-tested regulation” and that caller authorities indispensable not “undermine existing laws.” He specifically said that the CFTC should person definite powers and greater assurance of funding.
Several different erstwhile CFTC members besides testified alongside Benham. They expressed greater enactment for change, with ex-CFTC commissioner Dan Berkovitz noting an “urgent request to adjacent [the] gap” betwixt the SEC and CFTC.
Despite Benham’s concerns implicit abrupt changes to regulation, the draught measure would springiness the CFTC important powerfulness in its existent form.
The station Coinbase, Robinhood attest earlier House committee connected Republican crypto bill appeared archetypal connected CryptoSlate.
English (US) 