US Congress is Set to Debate the Future of Cryptocurrencies Today

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US Congress is Set to Debate the Future of Crypto Today
Two committees of the U.S. House of Representatives will today, Wednesday host separate hearings to look into cryptocurrencies and digital assets. Photo Credit: YouTube

The U.S House of Representatives would today, Wednesday, July 18, hold public hearings to debate the future of cryptocurrencies.

Reports say two congressional committees; the House Committee on Agriculture and The Financial Policy Subcommittee would be holding separate hearings to look at cryptocurrencies from two different perspectives.

The Financial Policy Subcommittee will examine “the extent to which the United States government should consider cryptocurrencies as money,” while the Committee on Agriculture which has invited notable experts like former JPMorgan blockchain lead Amber Baldet, former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler and Andreessen Horowitz managing partner Scott Kupor, would consider the emergence of “digital assets”.

Rep. Michael Conaway, the chairman of the committee on agriculture said in a statement that the hearing would examine how the emerging blockchain technology could be harnessed to benefit stakeholders in agricultural sector.

“This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class. Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology.”

The Financial Services subcommittee hearing on the other hand would be dissecting cryptocurrencies and principles that underpin digital assets. A memo released by the committee ahead of the hearing said members “will evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash.”

A similar congressional hearing earlier in March saw many lawmakers calling for greater involvement from the authorities and relevant regulatory agencies. Another hearing in May had the congressmen focusing on the “almost limitless” applications of cryptocurrencies and the underlying blockchain technology.