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U.S. lawmakers have recently proposed a ‘functional framework‘ aimed at providing regulatory clarity to the nation’s Bitcoin and crypto businesses.
The newly proposed crypto bill comes amid the price pump of Bitcoin, Ethereum and other cryptocurrencies that have added $350 billion to the crypto market in 2023.
Coinbase, Robinhood and CFTC To Testify Over Draft Crypto Bill
Now, it has been learned that Coinbase, Robinhood and representatives from the US commodities regulator are gearing up to testify before Congress to discuss the draft crypto bill on June 6, 2023.
Rostin Behnam, Chairman, Commodity Futures Trading Commission said he will be testifying on Capitol Hill before the House Committee on Agriculture to share Coinbase’s views on the Digital Asset Market Structure Discussion Draft that was released on June 2.
I will be testifying tomorrow in front of the House Committee on Agriculture on the issues related to #digitalcommodityassets. Watch the hearing here: https://t.co/PAKpCuavpr
— Rostin Behnam (@CFTCbehnam) June 5, 2023
Paul Grewal, the Chief Legal Officer of Coinbase has mentioned in a published article that “Crypto is solving real-world problems and we need a clear path forward to protect responsible innovation.”
He also opined that it is essential for Congress to establish clear boundaries regarding the regulation of digital assets and the underlying technology.
These boundaries should determine when digital assets should be treated as commodities, when they should be considered securities, and when certain financial regulations may not be applicable or would lack logical reasoning.
Tomorrow I will be testifying on Capitol Hill before the House Committee on Agriculture on the need for clear crypto rules and the Digital Asset Market Structure Discussion Draft. Read a summary of my testimony here/below:https://t.co/V4vTo0OT6L
— paulgrewal.eth (@iampaulgrewal) June 5, 2023
Paul Grewal also commented that the new draft is a “thoughtful effort” and “a major step forward,” urging the lawmakers from both sides of the aisle to act on it as soon as possible.
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