US lawmakers are slated to debate digital asset spot markets throughout a congressional listening to subsequent week.
The Home Agriculture Committee will maintain a listening to on June 6 titled “The Way forward for Digital Property: Offering Readability for Digital Asset Spot Markets.”
The committee has jurisdiction over the Commodity Futures Buying and selling Fee and has begun an effort to work with the Home Monetary Companies Committee, which has oversight over the Securities and Alternate Fee.
Notably, each the CFTC and SEC have been exercising their jurisdiction by means of enforcement actions and public statements over the previous yr.
Coordination between committees
The 2 Home committees held a joint listening to earlier this month titled “The Way forward for Digital Property: Measuring the Regulatory Gaps within the Digital Asset Markets,” the place former CFTC Chair Timothy Massad instructed lawmakers that he would desire a system the place each companies work collectively.
“I’d relatively see a system the place we compelled the 2 companies to work collectively, to work by means of an SRO [self-regulatory organization], and that method the trade might mainly should pay for it,” Massad mentioned.
This comes as Republican Home Agriculture Chair Glenn “GT” Thompson launched the bipartisan Digital Commodity Alternate Act final yr that may give the CFTC the authority over a brand new time period coined “digital commodities.”
The Home Monetary Companies Committee Chair Patrick T. McHenry too has been engaged on payments to control crypto, working with Rep. Maxine Waters, D-Calif, on a stablecoin invoice, however has since revealed a divide.
Two stablecoin payments emerged forward of a Home Monetary Companies Committee listening to on Could 18, one from Waters and one other from McHenry.
“It seems that we’ve shifted additional aside from a bipartisan settlement and now are contemplating two totally different items of proposed laws,” Rep. Stephen Lynch, D-Mass., throughout that listening to.
No witnesses have been listed but for the listening to on June 6.