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- 1 Congressional hearing next week on the future of digital asset spot markets
- 2 The hearing will be titled ” The Future of Digital Assets: Providing Clarity for Digital Assets Spot Market”
All eyes are on next week’s congressional hearing as U.S. lawmakers are all set to discuss digital asset spot markets.
Digital Assets Spot Market Discussion
With the title “The Future of Digital Assets: Providing Clarity for Digital Assets Spot Market ”, the House Agriculture Committee will be holding the hearing on June 6.
The house agriculture committee has complete jurisdiction over the Commodity Futures Trading Commission and to give a clear view it has started working with the House Financial Services Committee. The House Financial Services committee has complete jurisdiction over the Securities and Exchange Commission.
Although it should be noted that both the CFTC and the SEC have been doing notable work through their jurisdiction by enforcing actions and public statements over the last year.
Committees Working Together for a Joint Cause
With the title “The Future of Digital Assets: Measuring the Regulatory Gaps in Digital Assets Market” both the house committees held a joint hearing earlier this month. In the hearing, former CFTC Chair Timothy Massad expressed his views by saying a joint system where both agencies could work together will be better.
He added that he’d want a system where both organizations have the freedom to work together through SRO (Self-regulatory organization). He added that in this way the industry would have to pay for it.
The statement by Timothy comes due to an act introduced by Republican House Agriculture chair “GT” Thompson. “GT” Thompson introduced the Bipartisan Digital Commodity Exchange Act last year which gives the Commodity and Futures Trading Commission authority over a term called “digital Commodities “.
Not only the house agriculture committee but the House Financial Services Committee Chair Patrick T. McHenry had also been working to regulate crypto and digital assets alongside Rep. Maxine Waters, D-Calif, on a stablecoin bill.
Ever since the start of their work, there has been a divide in the organization itself. Two different stablecoin bills came up before the House Financial Services Committee hearing on May 18. One of the stablecoin bills was from Waters while another one was from McHenry.
Speaking on the issue Rep. Stephen Lynch, D-Mass stated that they’ve shifted further apart from a bipartisan agreement now since there are two different bills on the proposed legislation.
As of now, no witnesses have been announced for the hearing on June 6.
Digital Commodity Exchange Act 2022
The Digital Commodity Exchange Act (DCEA) was created with the intention of providing a better sense of clarity and certainty in the digital assets marketplace. The bill created a regulatory framework for the marketplace, for digital Commodity developers and exchanges.
It aims at filling the gaps that are present between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) and their way of regulating the digital assets marketplace while also keeping in mind the existing rules.
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