Us Government – What Is Crypto? Experts Explain on Nov.17


We use affiliate links. If you purchase something using one of these links, we may receive compensation or commission.

The hearing will be chaired by Representative Don Beyer, who has previously proposed legislation to expand the legal and regulatory framework for digital assets in the United States.

Representatives and Senators from both parties of the U.S. House of Representatives and Senate will gather for a hearing on government involvement in crypto.

As part of the Joint Economic Committee’s schedule for next week, congressional members will hear from industry experts at a hearing entitled “Demystifying Crypto: Digital Assets and the Role of Government” on Nov. 17. Don Beyer, a member of the House of Representatives who has previously proposed legislation aimed at expanding legal and regulatory frameworks for digital assets in the U.S., will chair the hearing.

In addition to Goldstein, Tim Massad, former chair of the Commodity Futures Trading Commission, Kevin Werbach, director at the Wharton School of the University of Pennsylvania’s Blockchain and Digital Asset Project, and Peter Van Valkenburgh at Coin Center will also offer presentations. Members of JEC include Senators Rob Portman and Ted Cruz, both of whom have previously advocated crypto regulation.

There has been little discussion about crypto regulation in full sessions of Congress or the Senate, instead, most of the discussion has taken place on the House financial services committee or Senate banking, housing, and urban affairs committee. In August, however, the issue took center stage in Congress when the debate over the wording of the current infrastructure bill included tax reporting requirements for crypto developers, transaction validators, and node operators.

As of now, both chambers of Congress have passed the bill without making any further clarifications on crypto brokers, and President Biden has yet to sign it. The bill is expected to be signed by the U.S. president on Monday.