US Financial Services Committee sets date to discuss future of crypto

The United States House of Representatives Financial Services Committee has scheduled a hearing on crypto to discuss its future and provide clarity for the digital assets ecosystem.

On June 6, Representative Patrick McHenry, the House Financial Services Committee chairman, announced a full committee hearing titled: “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” The hearing is scheduled for June 13 at 2:00 pm Eastern Time. According to the committee, the hearing will be live-streamed on its website.

The Financial Services Committee oversees the country’s economy through its supervision of individual reserve banks and the Federal Reserve Board, the United States Treasury, the capital markets, and currency production and distribution.

While the committee did not provide more detailed information about what will be discussed in the hearing, members of the crypto community are hoping it will address some of the most pressing issues in the space.

A Twitter user commented that addressing what they described as “coordinated attacks” on crypto exchanges would be good, referring to the U.S. Securities and Exchange Commission’s (SEC) recent lawsuits against Binance and the U.S.-based exchange, Coinbase.

Dear senators, show us action if you believe in justice. @GaryGensler is completely disregarding everything you talked about in previous hearings and is basically saying he doesn’t care what you say or do. At this point in time, it feels like Gensler has more power than Senate.

— Gdee (@Gdemen_) June 6, 2023

Meanwhile, other community members have called on the committee to keep SEC Chair Gary Gensler in check. A community member believes the SEC chief has “disregarded” what has been discussed in previous hearings.

Related: Binance lawsuit: 61 cryptocurrencies are now seen as securities by the SEC

The announcement follows a recent U.S. House of Representatives Agricultural Committee hearing. On June 6, a hearing was held titled: “The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets.“ There, the committee also discussed the future of digital assets, specifically the draft bill authored by McHenry and House Ag Committee chair, Representative Glenn Thompson.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?