The House Agriculture and Financial Services Committees are going public with their collaboration to craft new guardrails around digital asset markets.
A rare joint hearing between two U.S. House committees will tee up what’s expected to be a busy summer for efforts to craft legislation around digital assets.
As opposed to a number of other issues debated in the halls of Congress, crypto has yet to become a fully entrenched or partisan issue, giving efforts to craft new policy on a bipartisan basis chance of becoming law in a narrowly divided government. Republicans Patrick McHenry and Glenn ‘GT’ Thompson have made a point to work together due to the unusual overlap between their committees on crypto; the Financial Services Committee oversees capital markets and the Securities and Exchange Commission, while the Agriculture Committee maintains power over the Commodity Futures Trading Commission, which regulates bitcoin and ether futures.
Witnesses include former CFTC Chair Tim Massad, now a Harvard fellow, New York Stock Exchange Chief Operating Officer Michael Blaugrund and Kraken Chief Legal Officer Marco Santori, among others.Industry advocates have become cautiously optimistic that digital asset legislation has a better chance than most other bills to pass Congress and become law with President Joe Biden’s signature this year.
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