Cryptocurrencies are waiting for the decision to come out of the meeting of the US Agriculture Committee on June 6th. At the meeting, which will also be attended by the Commodity Futures Trading Commission (CFTC), new rules for spot markets will be discussed.
US lawmakers to hold hearings for cryptocurrencies
US officials will meet to discuss the digital asset spot markets at the congressional session on Tuesday next week. A hearing titled “The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets” will be held on June 6th.
The Agriculture Committee’s influence rests on its links with the Commodity Futures Trading Commission (CFTC). In particular, both the CFTC and the SEC have made their pressure felt through sanctions actions over the past year.
The two House committees held a joint hearing earlier this month titled “The Future of Digital Assets: Measuring Regulatory Gaps in Digital Asset Markets,” where former CFTC Chairman Timothy Massad told lawmakers he would want a system in which both institutions work together.
“I would rather see a system where we force two organizations to work together, through a self-regulatory body, and that way the industry basically has to pay for it,” Massad said.
Ripple executive Susan Friedman underlined the importance of the hearing
Susan Friedman, a key executive at Ripple, highlighted the importance of the June 6 hearing yesterday. Friedman noted that Congressman Glenn Thompson (R-Penn.) is a staunch advocate of clarity in the cryptocurrency space.
While the upcoming June 13 HFSC hearing is an important one for crypto, the one being held next week by @HouseAgGOP is equally so. @CongressmanGT has been a steadfast supporter of the call for clarity in this space. https://t.co/DLLUjDzhQr
— Susan Friedman (@ss_friedman) June 1, 2023
The upcoming hearing comes after a joint session between the Financial Services and the Agriculture Committee on May 10. The previous meeting took place to determine the best legislative strategy amid the ongoing crisis. A major point of contention was the necessity of new laws, especially for cryptocurrencies.
expectations
The Congressional hearing on the future of cryptocurrencies will take place on June 6, 2023. On this date, new ideas will be discussed to provide clarity about the crypto spot markets. Ripple executive Susan Friedman says Congressman Glenn Thompson (R-Penn.) will be a crypto advocate.
Meanwhile, the Agriculture Committee’s mandate is based on its relationship with the CFTC. On the other hand, the CFTC and SEC have played an active role in regulatory pressure recently. But it has come under criticism for not providing clear rules for the binary market. In an important move, which we quoted as Kriptokoin.com, the CFTC sued Binance and its managers at the end of March for transaction violations.
Meanwhile, DeFi projects are expected to benefit as a result of the new legislation. Motley Fool’s analysts recently released a new report on this. In addition, the US debt ceiling crisis, which has been on the agenda for weeks, is officially over.
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