U.S. Regulators Set to Examine Regulatory Frameworks for Cryptos and Blockchain

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According to the United States Senate Committee on Banking, Housing, and Urban Affairs, July 24, 2019, the Senate will conduct a full committee hearing which will solely focus on “Examining Regulatory Frameworks for Digital Currencies and Blockchain.”

Crypto and DLT Hearing Scheduled

Reportedly, the hearing will be conducted in “OPEN SESSION” on July 30, 2019, by 10:00 AM at Dirksen Senate Office Building 538, Washington, D.C.

The authorities say witnesses at the hearing will include Jeremy Allaire, co-founder and CEO of Circle, a global financial services company who will act on behalf of The Blockchain Association.

Other pre-selected witnesses are Mehrsa Baradaran, Professor of Law, University of California, Irvine School of Law and Rebecca M. Nelson, Specialist in International Trade and Finance, Congressional Research Service.

The Live Webcast

Over and above that, the full committee hearing will be webcast live and will only be accessible once it has begun.

It’s worth noting that since global social media giant, Facebook officially announced plans to launch its cryptocurrency dubbed Libra, financial regulators have been having sleepless nights, conducting one hearing after the other.

The Senate Banking Committee held a hearing on July 16, 2019, to understand the motive behind the firm’s crypto push given its previous data privacy scandal.

What’s more, BTCManager reported earlier in June 2019, that France had formed a G7 cryptocurrency task force to ascertain how global central banks can regulate crypto assets such as Libra in a bid to curb money laundering and other illicit activities.

BTCManager on April 1, 2019, also informed that two United States Congressmen are striving to improve cryptocurrency regulations in the U.S. in response to stakeholders’ need for well-defined regulations or the U.S. risk’s tagging behind Europe and Asia in the area of new technologies.

In related news, on June 18, 2019, reports emerged that executives at crypto companies including Circle, Coinbase, bitFlyer, Kraken, and Huobi will meet at Osaka, Japan in order to get more clarity from members of the G20 forum on the global regulatory framework of bitcoin and altcoins.

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