US Financial Services Committee sets date to discuss future of crypto

The United States Financial Services Committee has scheduled a hearing on digital assets to discuss digital assets and provide clarity for the ecosystem. 

On June 6, Patrick McHenry, the chairman of the House Financial Services Committee, announced a full committee hearing titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” The hearing will be on June 13, 6 PM (UTC) at the Rayburn House Office Building. According to the committee, the hearing will also be live-streamed on its website.

The Financial Services Committee is responsible for overseeing the country’s economy. It does this through its oversight of individual reserve banks and the Federal Reserve Board, the United States Treasury, capital markets and the production and distribution of currency.

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

A Twitter user commented that it would be good to address what they described as “coordinated attacks” on crypto exchanges, referring to the United States Securities and Exchange Commission (SEC) going after crypto exchange Binance and suing Coinbase almost immediately after.

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 that the SEC chair has “disregarded” what has been discussed in previous hearings. 

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

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