• US lawmakers are joining forces to create a clear regulatory framework for digital assets.
• House Financial Service Committee Chairman, Patrick McHenry, has announced a series of joint hearings to address the US digital asset market structure.
• The upcoming hearings in May will provide a holistic view of the digital asset regulation by the House committee.
US Lawmakers Join Forces To Create Clear Rules For Crypto Assets
The crypto space is no stranger to regulatory uncertainty and lack of clarity in the legal framework. In light of this, many top shots in the US Congress have teamed up to ensure that there is more clarity when it comes to regulating digital assets. This includes Congressman Patrick McHenry, Chairman of the House Financial Service Committee, Glenn Thompson, Chairman of the House Agriculture Committee, French Hill and Dusty Johnson – both Chairs of their respective Subcommittees on Digital Assets and Rural Development.
Joint Hearings To Address The US Digital Asset Market Structure
In an announcement made by Congressman McHenry, he revealed that they will be conducting a series of joint hearings which shall seek to address the US digital asset market structure. These hearings will take place in May and their goal is to pass clear rules into law which would strike a balance between protecting consumers and encouraging responsible innovation within this sector.
McHenry Reveals Plans To Create A Capital Raising Process For Digital Assets
During Consensus 2021 event on April 28th, McHenry further elaborated on these plans stating that they would soon report a bill which would look into creating a suitable capital raising process for digital assets as well as transitioning products from one regime (Securities) to another (Commodities). He also added that this bill would protect all other products that do not fall under any existing regimes.
McHenry Mentions Support For Sen Lummis Bipartisan Bill
Most importantly though was his mention of support for Senator Cynthia Lummis‘ bipartisan bill – The Token Taxonomy Act – which seeks to exclude certain utility tokens from being classified as securities under federal laws. This bill has been supported by several representatives including Tom Emmer who spoke highly about its potential impact during his opening remarks at Consensus 2021 event earlier this month.
Conclusion
With these developments finally giving us some insight into what the future holds for crypto regulation in America, only time can tell if it will bring about much needed clarity or not but at least we can rest assured knowing that our legislators are taking it seriously enough to discuss its merits by holding such important hearings over it!