US Congressional Hearing On “Future of Crypto” Next Week Amid US SEC Crackdown

House Financial Services Chairman Patrick McHenry has announced a full committee hearing scheduled for next Tuesday, June 13th. As per the announcement, the committee hearing is titled, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.”

The announcement comes amid US SEC’s fierce crackdown on the crypto industry. The exchange commission filed two lawsuits back to back against the world’s top crypto exchanges – Binance and Coinbase- as the future of crypto in the US hangs in balance.

Republican lawmakers push for crypto regulations

As reported earlier, Republican lawmakers released a draft bill that aims to provide crypto assets and exchanges a clearer regulatory plan. The draft bill proposed crypto to be traded on more conventional trading platforms while introducing a division of authority between the US SEC and US CFTC.

The discussion draft was co-authored by Republican lawmakers Patrick McHenry and Glenn Thompson. The proposed draft would grant the Commodity Futures Trading Commission explicit spot market authority over crypto commodities under existing law.

Last month, the US House of Representatives Financial Services Committee and Agriculture Committee held their first joint hearing on digital asset regulation. During the hearing, lawmakers heavily criticized US SEC commissioner Gary Gensler for perceived regulatory overreach.

Senator Cynthia Lummis criticizes SEC for its crackdown on exchanges

Pro crypto Republican US Senator Cynthia Lummis issued a statement after the exchange commission sued Coinbase and Binance. She said that the SEC has failed to provide adequate legal guidance on what differentiates a security from a commodity. The SEC’s continued reliance on regulation by enforcement continues to harm investors, she added. The U.S. Senator from Wyoming implied that the SEC’s actions are pushing the industry offshore and into the shadows.