Crypto Industry Appeals for Regulatory Standards During Congressional Hearing
The U.S. Congress is considering new legal standards for digital assets following a hearing by the House of Representatives subcommittee on digital assets. Key points from the hearing include:
- Industry representatives emphasized the need for legislation to support digital asset businesses.
- Representative Bryan Steil highlighted plans for a pathway for responsible crypto companies under potential future Republican leadership.
- Criticism was directed at the Biden administration's previous approach to cryptocurrencies, with calls for a comprehensive legislative framework.
- Timothy Massad advised lawmakers to rely on the CFTC and SEC for technical details in crafting legislation.
- Other committees are also addressing crypto-related issues, including debanking, with Federal Reserve Chairman Jerome Powell acknowledging its significance.
- Democrats criticized former President Trump for promoting the memecoin $TRUMP, labeling it as a "crypto scam."
This hearing marks the first step towards potential regulatory changes in the digital asset space amid ongoing discussions in Congress.