Coinbase to debate crypto bill for clearer laws.
Following the release of a market proposal by the Republican chairs of the two houses on Monday, the latest development reveals that Coinbase, Robinhood, and CFTC representatives will appear before Congress on June 6 to debate the draft cryptocurrency bill.
The trio will be sharing their perspectives with the lawmakers to help the nation reach a clear pathway to crypto regulation.
Coinbase and regulators to testify
Coinbase, Robinhood, and representatives from the US commodities regulators are set to testify before the Congress on a newly proposed bill.
The firms and regulator will share their views on pressing questions on securities and commodities laws as it relates to digital assets. It’s expected that the discussion will cover what kind of crypto tokens should be classified as digital commodities.
Coinbase Chief legal officer, Paul Grewal posted on Twitter that he will be appearing before Congress to debate the direction of crypto laws in the US.
In a blog post, Grewal gave a rundown of what his testimony will be about.
He noted that the US was trailing behind other nations when it comes to digital assets laws and there’s an urgent need to catch up.
“The U.S. is falling behind. We cannot afford to ignore crypto while other markets take advantage of our absence, developing rules and regulations that enable the industry to thrive and risk sending jobs, investment, and technological leadership overseas,” Grewal said.
He also added: “We need a clear rulebook in the US to achieve the full promise of crypto. Until rules and laws are developed that reflect the realities of this new economic system, we cannot realize the full potential of making our financial system faster, fairer, and more affordable.”
Other witnesses called to testify include former CFTC chair Chris Giancarlo, former CFTC commissioner Dan Berkvitz and FIAconnect founder Walt Lukken.
Coinbase has pushed for clearer laws
The crypto exchange has been at the forefront of pushing for a more precise regulatory framework for cryptocurrencies in the US.
Though the SEC chair Gary Gensler has maintained that existing laws are sufficient for the crypto regime, Grewal thinks otherwise. In his testimony, he maintains that digital currencies do not currently fit into any existing regulatory box.
He argues that “digital assets do not collectively fit into any single existing regulatory box: some are commodities, some are securities, some are neither, and some simply don’t map onto existing categories,”
“With more than 20 percent of Americans owning and using crypto, we need a regulatory framework that will protect consumers and enable the critical uses of this new technology to continue and grow,” Grewal stated.
This comes just a day after a rival exchange, Binance, was slapped with a 13 count charges suit by the SEC. It appears that the crypto industry has come under regulatory fire and an urgent legal framework to govern the space is needed now, more than ever.
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