The U.S. House Committee on Agriculture heard testimony on June 6 about a draft cryptocurrency debate bill recently brought forward by Republican lawmakers.
Coinbase, Robinhood declare support
Rep. Glenn Thompson, a legislator who initially brought the bill forward for discussion, said the meeting is intended to discuss the bill with Democratic members.
He expressed his wish for a “two-pronged legislative proposal from a joint committee”.
Thompson noted that Coinbase faced new regulatory action today as the U.S. Securities and Exchange Commission (SEC) charged the company with securities law violations. He said this event is “exactly why” the current hearing is being held and expressed his opposition to regulation through enforcement.
Paul Grewal, Coinbase’s CLO, expressed his support for the Republican bill in his statement, calling it “a strong step forward in providing overdue regulatory clarity.” He said Congress needs to separate digital assets and commodities — something he said the bill does by building on previous regulations, discussions and findings.
Dan Gallagher, Robinhood’s Chief Legal Compliance and Corporate Affairs Officer, also testified. He called the bill “an important step in necessarily providing regulatory clarity” and said Robinhood “generally supports” the bill’s goals.
CFTC chairman expresses limited support
Rostin Benham, chairman of the Commodities and Futures Trade Commission (CFTC), said he is “encouraged” by efforts to close the regulatory gap.
However, he said the digital commodities market should be protected by “proven regulations” and that new legislation “must not undermine existing laws”. He specifically said that the CFTC should be given certain powers and more certainty of funding.
In addition to Benham, several other former CFTC members also testified. They expressed more support for change, with ex-CFTC Commissioner Dan Berkovitz noting that there was “urgent need to [the] gap” between the SEC and CFTC.
Despite Benham’s concerns about sudden regulatory changes, the bill would give the CFTC significant power in its current form.
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