Explained: US House debate on cryptocurrency regulatory framework
In a joint committee hearing in the Unites States House of Representatives on Wednesday, members of the Financial Services Committee and the Agriculture Committee discussed what regulatory framework is needed to manage the risks and benefits of cryptocurrencies in the US. President Joe Biden has often emphasized the need for greater cryptocurrency regulation, including in the recently published plan to reduce cryptocurrency risks. The joint committee hearing on Wednesday debated this sentiment, but several concrete problems and proposals were raised — suggesting general consensus for new regulation is growing. The witnesses for this hearing included several cryptocurrency executives, such as Andrew Durgee, head of advisory firm Republic Crypto. Also in attendance was Marco Santori, crypto exchange Kraken’s legal chief, and Daniel Schoenberger, legal chief of the Web3 Foundation, which runs Polkadot. We’re live tweeting today’s US House joint committee hearing. Starting...