US Senate Schedules Another Hearing on Crypto Assets
On July 30, the US Senate Committee of Banking will convene legal experts and representatives of the Blockchain Association to discuss regulating digital assets.
The US Senate is preparing to gather more opinions on the state of cryptocurrencies, with a view to draft tailored regulations. A new hearing has been scheduled for July 30, gathering legal experts and representatives of the cryptocurrency space. Other experts during the hearing will be Rebecca M. Nelson, Specialist in International Trade and Finance, and Mehrsa Baradaran, Professor of Law, University of California, Irvine School of Law.
The hearing is scheduled for 10 AM EST and will be broadcast live.
As a representative of the Blockchain Association, the CEO of Circle, Jeremy Allaire, will present the case for financial and technological innovation through decentralized assets. The call to testify arrives just days after Circle, Inc. announced its plans to move some of its activities to a Bermuda-centered international company.
Allaire has spoken about the restrictive effect of US regulations on blockchain innovation. Until now, the US Securities and Exchange Commission has been the most active agency, educating small investors on the risks of ICOs and digital assets in general.
The hearing arrived just days after Calibra’s director, David Marcus, presented the case for Facebook’s Libra digital asset.
The recently increased scrutiny from US-based regulators has dampened the market optimism, contributing to the drop in Bitcoin (BTC) prices. BTC slid again to around $9,750.54, abandoning the five-digit price position established in July.
The chief concern about digital assets is their potential to facilitate money laundering and tax evasion. Despite the volatile prices of BTC and other assets, exchanges are a way to move funds internationally.