US, UK lawmakers to hear arguments around crypto regulations on June 13
As the crypto industry faces regulatory headwinds, US and UK lawmakers are trying to bring the debate into the public sphere. On June 13, the two countries will hold a high-profile public hearing, marking a pivotal moment in the ongoing debate over digital asset regulation.
UK Parliament Set To Discuss Findings Of Crypto And Digital Assets All-Party Group Of Parliamentarians (APPG) report Regarding the need for virtual currency regulation. The debate will be led by APPG Chair Rep. Lisa Cameron and will begin at 11:00 am BST.
Later in the day, the House Financial Services Committee will hold a hearing titled “The Future of Digital Assets: Providing Transparency for the Digital Asset Ecosystem,” beginning at 2:00 p.m. ET. The public hearing was intended Focus the attention of lawmakers and the public on digital assets, their potential risks and benefits, and the government’s role in regulating them.
SEC Action Calls for Urgent Discussion
These public debates come at a time when the crypto industry is grappling with increased regulatory scrutiny in the United States. The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against major cryptocurrency exchanges Binance and Coinbase, alleging violations of multiple securities laws. The SEC alleges that these companies operate as unregistered stock exchanges, misleading investors about their business operations and compliance efforts.
These actions by the SEC have met with significant backlash from the industry. Binance CEO Zhao Changpeng (CZ) has claimed that the SEC’s actions constitute an attack on the entire cryptocurrency industry. Binance’s US affiliate, Binance.US, has announced that it will end support for USD deposits and trading pairs by June 13th.
Armstrong was particularly vocal, saying that the crypto industry needs regulatory clarity and that can only be achieved through Congress or case law. He believes the U.S. will reach the “right outcome” with cryptocurrencies, either through legislation, court precedent, or after the 2024 presidential election.
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Industry concerns extend beyond SEC action. There is a growing view that the U.S. regulatory environment is stifling innovation and pushing projects out of the country. This sentiment underscores the importance of this hearing in moving the debate out of the closed doors of the federal agency and into a more public space.
Meanwhile, in the UK, an APPG report outlines the government’s vision for the country to become a global hub for cryptocurrency and fintech innovation. The report highlights the need for regulation to protect consumers and ensure the UK’s leadership in this area.
As the discussion of cryptocurrency regulation moves into the public arena, the market may insist on greater transparency and involvement when regulation is formulated. Hearings and debates in both countries tomorrow could bring further insight into the future direction of cryptocurrency regulation, while exposing the debate to a more visible public view.
