U.S Senate Holds Regulation Hearing For Blockchain And Cryptocurrencies

The United States Committee on Banking, Housing, and Urban Affairs have released a public notice on their forthcoming full committee hearing on issues relating to blockchain and cryptocurrencies.

The event is slated to take place on Tuesday 30th July 2019 at 10 am prompt. The hearing will take place via a live webcast from their Dirksen Senate Office Building 538 and is tagged “Examining Regulatory Frameworks for Digital Currencies and Blockchain”.

With concise reference and expansive discussions on matters of blockchain and the use of cryptocurrencies, the committee will feature references from different areas of concentration and will include: Mr. Jeremy Allaire, Co-Founder, Chairman and Chief Executive Officer, Circle, on behalf of The Blockchain Association; Ms. Rebecca M. Nelson, Specialist in International Trade and Finance, Congressional Research Service; and Ms. Mehrsa Baradaran, Professor of Law, University of California, Irvine School of Law.

This is a one-of-a-kind arrangement in which the Senate would be discussing the regulatory framework upon which cryptocurrencies and blockchain-related institutions can be adopted and incorporated into the banking and general financial policies of the United States.

It all boils down to crypto regulations in the United States. The country has shown many prospects towards the blockchain recently but is also skeptical and therefore sees the reasons to regulate this innovation under existing financial laws and monetary policies.

Such hearing began recently with the advent of Facebook Libra in which the U.S. Senate debated about the controversial social media platform and its abilities to manage financial institution as big as Libra which would provide financial services to as many as 1.7 billion unbanked citizens around the world.

Although the Senate shows a vast disagreement with the idea of Facebook developing Libra, it showed considerable knowledge of blockchain and cryptocurrencies. With this substantial evidence that the U.S Senate might, in fact, be interested in cryptocurrencies, it is reasonable to assume that the restrictions presently faced by blockchain investors and enthusiasts will soon be a thing of the past.

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