The U.S. Home Committee on Agriculture heard testimony on June 6 concerning a draft dialogue invoice on cryptocurrency lately superior by Republican lawmakers.
Coinbase, Robinhood declare help
Rep. Glenn Thompson, one lawmaker who initially superior the draft dialogue invoice, mentioned that the assembly is meant to debate the invoice with Democratic members.
He expressed a want for a “bipartisan, joint committee legislative proposal.”
Thompson famous that Coinbase confronted new regulatory motion right now because the U.S. Securities and Alternate Fee (SEC) charged the corporate with violations of securities legislation. He mentioned that this occasion is “precisely why” the present listening to is being held and expressed opposition to regulation by enforcement.
Paul Grewal, Coinbase’s CLO, expressed help for the Republican invoice in his assertion, calling it “a powerful step ahead in offering overdue regulatory readability.” He mentioned that Congress should separate digital belongings and commodities — one thing that he mentioned the invoice accomplishes by drawing on earlier laws, discussions, and findings.
Dan Gallagher, Robinhood’s Chief Authorized Compliance and Company Affairs Officer, additionally testified. He referred to as the draft invoice “an necessary step in offering essentially regulatory readability” and mentioned that Robinhood “typically helps” the objectives of the draft invoice.
CFTC chairman expresses restricted help
Rostin Benham, chairman of the Commodities and Futures Commerce Fee (CFTC), mentioned he’s “inspired” by efforts to shut the regulatory hole.
Nevertheless, he mentioned that the digital commodity market needs to be protected by “time-tested regulation” and that new laws should not “undermine current legal guidelines.” He particularly mentioned that the CFTC ought to obtain sure powers and better assurance of funding.
A number of different former CFTC members additionally testified alongside Benham. They expressed better help for change, with ex-CFTC commissioner Dan Berkovitz noting an “pressing want to shut [the] hole” between the SEC and CFTC.
Regardless of Benham’s issues over sudden adjustments to regulation, the draft invoice would give the CFTC important energy in its present kind.
The publish Coinbase, Robinhood testify earlier than Home committee on Republican crypto invoice appeared first on CryptoSlate.
