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The U.S. Home Committee on Agriculture heard testimony on June 6 relating to a draft dialogue invoice on cryptocurrency just lately superior by Republican lawmakers.
Coinbase, Robinhood declare assist
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 this moment because the U.S. Securities and Alternate Fee (SEC) charged the corporate with violations of securities regulation. 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 assist 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 vital step in offering essentially regulatory readability” and mentioned that Robinhood “usually helps” the objectives of the draft invoice.
CFTC chairman expresses restricted assist
Rostin Benham, chairman of the Commodities and Futures Commerce Fee (CFTC), mentioned he’s “inspired” by efforts to shut the regulatory hole.
Nonetheless, he mentioned that the digital commodity market must be protected by “time-tested regulation” and that new laws should not “undermine present legal guidelines.” He particularly mentioned that the CFTC ought to obtain sure powers and higher assurance of funding.
A number of different former CFTC members additionally testified alongside Benham. They expressed higher assist 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 modifications to regulation, the draft invoice would give the CFTC vital energy in its present type.
The put up Coinbase, Robinhood testify earlier than Home committee on Republican crypto invoice appeared first on CryptoSlate.
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