The stakes have never been higher for the crypto industry as the Senate Banking Committee met on crypto Tuesday, calling the Valentine’s Day hearing “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.
In the testimony from Lee Reiners, policy director at Duke University’s Financial Economics Center, the law professor proposed a comprehensive new approach to regulation. Overall, the committee, chaired by Sherod Brown and Tim Scott , aims to start work on a bipartisan regulatory framework for cryptocurrency. They heard testimonies from Georgetown University law professor Linda Jeng, J.D.
With regards to the testimony from Reiners, he argued that Congress should clarify that the SEC has the authority to draft rules governing DeFi applications, in addition to formal crypto businesses. Jeng and Yadav argued for innovation, financial inclusion, diversity of user base, and other countries taking the lead like China. Reiners argued for consumer protection, financial stability and whether this is really an asset class or just gambling.
The stakes have never been higher for the crypto industry, as lawmakers grapple with how, or whether, to allow innovation to grow in incumbent economic hubs like New York and San Francisco. The future of the dollar’s global dominance may also be impacted by the decisions discussed today on Capitol Hill.Reiners argued for the SEC to have control, noting that the CFTC regulates commodity derivatives but does not regulate commodity spot markets.
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