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The U.S. House Financial Services Committee is taking efforts to bring clarity over digital asset regulations and believes SEC Chair Gary Gensler’s action against crypto is “contradictory” and lacks details on which crypto assets are securities.
The House Financial Services Committee has scheduled two crucial hearings as US-based crypto firms plan to move offshore amid regulatory crackdowns and the banking crisis risking an economic catastrophe.
US House Blames Biden Administration for Crypto Regulatory Unclarity
The U.S. House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion & House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development have scheduled the hearing “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets” on May 10.
Republicans Warren Davidson and Mike Flood have written a letter to the Biden Administration’s Council of Economic Advisors asking for clarity on “how the FedNow Instant Payment System and a Central Bank Digital Currency could provide a more inclusive financial system than digital assets.”
They also seek answers over a recent shift in position regarding the benefits of digital assets and distributed ledger technology. The House Financial Services Committee has blamed the Biden Administration, especially action against crypto by the Securities and Exchange Commission.
Mike Flood asserts digital assets are crucial for the digital economy in the future, but recent crackdowns and lack of regulatory clarity are making firms move offshore.
Digital assets are at the heart of our digital economy’s future, but the Biden’s Administration’s response is driving innovators out of America and into the hands of international competitors.
Read my letter with Rep. @WarrenDavidson 👇 pic.twitter.com/gKISOqd4eI
— Rep. Mike Flood (@USRepMikeFlood) May 3, 2023
US House Hearing on Banking Failures
The US House Financial Institutions and Monetary Policy Subcommittee has scheduled a hearing on the federal responses to recent bank failures. The hearing titled “Federal Responses to Recent Bank Failures” on May 10 will seek answers from the FDIC and Federal Reserve on their approach to preventing bank failures and managing the risks to the U.S. economy.
After the collapse of First Republic Bank, banking shares continue to fall with PacWest Bancorp plunging 52% on Wednesday. The looming debt ceiling crisis and increased borrowing rates are increasing pressure on the global markets and economy.
CoinGape Media earlier reported, the U.S. House Financial Services Committee looking into potential coordinated efforts by the U.S. regulators for “Operation Choke Point 2.0” to de-bank the crypto market.
Also Read: Data Shows More US Bank Failures Ahead, Who Will SEC Blame Now?
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