Coinbase, Robinhood testify before House committee on Republican crypto bill
The U.S. House of Representatives Committee on Agriculture heard the following testimony: June 6th In regards to the deliberation bill on cryptocurrencies recently proposed by Republican lawmakers.
Coinbase, Robinhood Announce Support
Rep. Glenn Thompson, one of the congressmen who originally proposed the consultation bill, said the meeting was intended to discuss the bill with Democrats.
He said he would seek a “legislative proposal by a bipartisan joint committee.”
Thompson noted that Coinbase is facing new regulatory action today after the U.S. Securities and Exchange Commission (SEC) accused Coinbase of violating securities laws. He said the incident was “the very reason” for the current hearing, and spoke out against regulation by enforcement.
Coinbase CLO Paul Grewal expressed his support for the Republican bill in a statement, calling it a “strong step forward in delayed regulatory clarity.” He said Congress needs to separate digital assets and commodities, and the bill accomplishes that by leveraging previous regulations, debates and research.
Dan Gallagher, Robinhood’s chief law compliance and corporate affairs officer, also testified. He said the bill was “an important step toward necessarily clarifying regulation” and that Robinhood “broadly supports” the bill’s goals.
CFTC chair expresses limited support
Commodity Futures Trading Commission (CFTC) chairman Rostin Benham said he was “encouraged” by efforts to close regulatory gaps.
But he said the digital goods market should be protected by “proven regulations” and new laws should not “undermine existing laws.” Specifically, he said the CFTC should be given certain powers and greater guarantees of funding.
Several other former CFTC members also testified along with Benham. They expressed further support for change, with former CFTC commissioner Dan Berkowitz saying it “must be closed urgently.” [the] Gap between SEC and CFTC”.
Despite Benham’s concerns about sudden changes in regulation, the bill, in its current form, would give the CFTC greater powers.
An article in which Coinbase and Robinhood testified before a House committee on the Republican cryptocurrency bill first appeared on CryptoSlate.
