house of republicans towe are working on a plan to reform the regulation of cryptocurrency.
republicans in the House Financial Services Committee have drafted a number of smaller regulatory bills recently, but Rep. French Hill (R-AR), head of the Subcommittee on Digital Assets, Financial Technology and Inclusion, said political who plan to go much further in the coming months.
THE SUPPORTERS OF THE MAIN CRYPTOCURRENCIES WERE FORGED DOCUMENTS TO ACCESS THE BANKS
โWe are working on a comprehensive regulatory framework that goes beyond bills,โ Hill said. โWe will be spending March and April in a significant effort to listen to stakeholders in the field of digital assets. [and] considering other legislative proposals. So that will be our main work plan for the next two months.โ
Hill did not specify what kind of regulatory framework the Republicans will propose.
A hearing was held on Thursday with testimony from Coinbase's chief legal officer, Paul Grewal. In prepared remarksHe called for a regulatory framework that would encompass the industry and protect consumers.
"Crypto is a technology that makes the existing financial system work better," Grewal said. "But the benefits, such as enabling faster and cheaper payments or establishing agreements in real time, require laws and rules that reflect a new way of thinking and a look towards progress. We need lawmakers to work together to develop a comprehensive framework that provides pathways for clients to access both digital asset commodities and digital asset securities in the US.
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โEurope, the UK, Australia and Singapore, just to name a few, are putting in place regulatory frameworks that are creating high standards for cryptocurrencies,โ he added. "It's really a race to the top, and the United States is already lagging behind."
While Republicans on the committee call for regulation, some proposed bills support the industry, indicating Grewal's advice is being followed.
