Crypto industry leaders urge Congress to act on digital asset regulations amid SEC crackdown

Upland: Berlin is here!

The House Financial Services Committee is scheduled to hear testimony from five key figures in the blockchain industry on June 13 as the US government grapples with an increasingly pressing regulatory issue.

Entitled “Public Hearing”The Future of Digital Assets: Defining the Digital Asset Ecosystemfeatures testimony from Circle CEO Jeremy Allaire, former SEC attorney Coy Garrison, Ava Labs CEO Emin Gün Sirer, National Futures Association CEO Thomas Sexton, and Prometheum CEO Aaron Kaplan.

The hearing comes at a crucial time when the U.S. Securities and Exchange Commission has recently taken legal action against two major cryptocurrency exchanges, Coinbase and Binance, to clarify regulatory clarity in the digital asset space. It emphasizes the urgent need for

Maintaining U.S. Technology Leadership

The transformative potential of digital currency has been at the forefront of today’s eyewitness testimony. Circle Co-Founder, Chairman and CEO Jeremy Allaire and Ava Labs Founder and CEO Dr. Emin Gün Sirer said in prepared remarks that digital currency and blockchain technology are a positive social infrastructure, respectively. emphasized the possibility of

Aller highlighted In his prepared remarks, he stressed the importance of the United States ensuring that the dollar remains the most competitive currency on the Internet. Stablecoins play an important role in maintaining the dollar’s dominance, so Allaire favors the yet-to-be-named coin. stablecoin banknotes As an important first step.

Dr. Schiller, on the other hand, offered his point of view As a computer scientist, he talks about technology itself. He emphasized the transformative potential of blockchain technology, comparing its impact to that of the Internet, and warned that without a sensible framework and cooperation, the United States risks losing technological leadership to other nations.

“A Workable Regulatory Framework”

Speakers agreed that digital asset regulations need to be made clearer.

Steptoe & Johnson LLP Partner Coy Garrison and National Futures Association (NFA) President and CEO Thomas W. Sexton emphasized the importance of strong regulation and customer protection.

Garrison criticized The SEC has evaluated its current approach of relying on enforcement actions rather than creating a viable regulatory framework for digital assets. He asked Congress to direct the SEC to work on rulemaking to clarify these issues.

Sexton, on the other hand, advocate It calls for increased regulatory authority to cover spot digital asset commodity activity and the introduction of a federal registry for market participants in this space.

Aaron Kaplan, co-CEO and founder of Promethium, which recently navigated the SEC’s regulatory process, provided testimony in that light.Kaplan claims the SEC and the Financial Industry Regulatory Agency (FINRA) have already paved the way for compliance with cryptocurrency regulations in the US

Congressional Responsibility

While there is agreement on the need for explicit regulation, witnesses disagree on how this will be achieved. Allaire and Sirer focused more on the potential of digital assets and the role of stablecoins, while Garrison, Sexton and Kaplan highlighted the legal and regulatory challenges facing the industry. increase.

A key takeaway from the prepared comments is that the need to define “regulatory clarity” is not only urgent, it is urgent. The SEC is confident he will stand firm against Binance and Coinbase, but public debate shows that these issues are at least a considerable point of confusion.

Today’s hearing underscores Congress’ role in US financial regulatory policy, and witnesses are calling on legislatures to act now.

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