The legislators and industry leaders are asking the United States Congress for a regulatory review of the cryptocurrency sector under the administration of President Donald Trump. This, in order to ensure that the country maintains an advantage over its global competitors. The issue was the subject of debate at an audience held this February 11 at the Digital Assets Subcommittee, Financial Technology and Artificial Intelligence of the Financial Services Committee of the House of Representatives, under the title «A golden era of digital assets: drawing A path to follow ». To the same attended senior executives specialized in cryptocurrenciessuch as José Fernández Da Ponte de Paypal, Jonathan Jachym of the Kraken cryptocurrency Exchange, and Timothy Massad of Harvard University. As Cryptonoticia reported, the debate revolved around six bills, including resolution in support of digital assets and their networks; the law to protect innovation in financial regulation, which proposes the creation of a strategic center- within the Sec- to supervise emerging technologies in the financial sector; and the law on new technological borders, which orders an exhaustive study on NFT to evaluate their impact and possible regulations. A resolution is also included to carry out a joint study on decentralized finances (defi) and the so -called genius law, which proposes to establish A clear regulatory framework for Stablecoinsbeing the latter one of the issues that most caught the attention of legislators. The general request of the executives is for Congress to join the efforts of the Donald Trump government to implement a clear regulation in the country, which allows a new impulse to the sector. An idea that was supported by Coy Garrison, partner of the Stepto law firm, who insisted on the need for Congress to work in Specific laws for cryptocurrency trade.
Coy Garrison, partner of the Stepto law firm. Source: YouTube His approach was supported by JI Hun Kim, president and interim executive director of Crypto Council for Innovation (CCI), emphasizing the importance of a clear and integral digital asset policy at the federal level. The Executive recalled that international competitors, such as the European Union, the United Kingdom, Japan and Singapore, are advancing with regulations while the United States is at risk of being behind. Based on it, described four legislative priorities Key to ensure that the United States remains a world leader in digital assets. They include the approval of comprehensive legislation on the structure of the market, the approval of a legislation on stable currencies, the improvement of the coordination between the Bag and Securities Commission (SEC) and the Commission of Commerce of Futures of Basic Products ( CFTC), support for decentralized finances and individual empowerment. They are precisely some of the aspects that are contemplated in the proposals of law that have been presented to Congress and that are being evaluated by work teams who has formed the tsar of the cryptocurrencies of the White House, David Sacks. Hun Kim also took advantage of the space to ask the government to Remove demands against cryptocurrency exchangesS such as Coinbase, Binance and Kraken. An issue in which the sec is expected to advance.
The congressmen expressed their doubts
During the hearing, some subcommittee members took the opportunity to ask the attendees, expressing the doubts and questions they have regarding the sector, mainly with respect to the issues of disintermediation of decentralized platforms, self -ocustody and KYC standards (know your customer). They cited concerns regarding the freedom that many ask for in the ecosystem among the congressmen was the Democrat Maxine Waters, well known among the Bitcoiners for their ideas opposed to the Bitcoin (BTC) ecosystem. The legislator criticized that The launch of Memecoins is allowed as those issued by President Trump and his wife, shortly before the sworn. A fact that described as «scam.» He reiterated his rejection of the stablcoins because «they are not so stable and the operation of their backup system is not well.» At this point, Waters asked attendees about how to attend to those «failures.» An approach that was responded by Timothy Massad, from Harvard University, noting that it was just the regulation, in order to set limits and establish clear rules. The requests received the support of Republican Tom Emmer, known for their constant support for the sector and its regulatory proposals seeking recognition of digital assets. As vice president of the Subcommitte, he promised to consider the approaches set out at the hearing, and especially for the stablecoins have a well -defined legal framework. “Together we will work to create a regulatory framework that keeps the United States as a leader in innovation and at the same time protects consumers and investors, adjust the size of the regulatory system, even for community banks, and guarantee that our agencies pay accounts of their accounts of their Missions established by law, ”he concluded.