The cryptography industry has had the chance to make a complete appeal so that the congress is finally intervening and establishes legal standards for digital asset companies in the United States during an audience on Tuesday before the subcommittee of the Room of representatives which focuses on digital assets.
Under the title of the subcommittee led by the Republicans “A Golden Age of Digital Assets”, the representatives of the industry appeared at the hearing with a momentum at all levels of the federal government, including the White House, whose crypto-tsar was the first to pronounce the To-The Forw Phrase “Golden Age”. A little more than two years after the devastation of the collapse of cryptographic lenders and the criminal implosion of the FTX in 2022, the industry has proven its strong recovery with a list of legislators clearly on board for the legislation that the industry called.
“Under the Trump Administration, we will resist correcting by creating an feasible course for corporate companies responsible to set up operations here in the United States,” said representative Bryan Steil, a republican of the Wisconsin who presides over the subcommittee which is a discharge from the Financial Chamber Financial Committee of Services.
The Panel Republicans have decried “the unpredictable and hostile” approach to the crypto of the administration of former president Joe Biden (as Steil said), with an executive branch which already reverses some of these past policies to Federal Deposit Insurance Corp. and the Securities and Exchange Commission. But the Holy Grail for industry is a large -range bill like the one that was adopted in the House during the previous session of the Congress.
“There are many problems to be discussed in the coming years, but we must move now and set up this basic foundation,” said Jonathan Jachym, lawyer and US Exchange Kraken World Policy.
Among the witnesses of the hearing was Timothy Massad, former president of the Commodity Futures Trading Commission during his first Bitcoin signaling (BTC) as commodity. He warned the legislators not to push too much in detail because they develop their legislation on the structure of the digital asset market, because he said that the CFTC and the dry are more expert in the minutes than it would need, and Agency leaders should be those to determine the technical aspects.
It was the first hearing of the digital asset committee during this new congress, but other committees of the two chambers have already dug questions from Crypto, such as DEBANKING. Earlier Tuesday, the president of the federal reserve, Jerome Powell, agreed that Debanking was a problem to explore, and he also agreed that the Fed would not pursue a digital currency of the central bank on his watch.
While the Republicans and the witnesses of the industry struck the history of the Biden administration, Dems took the opportunity to criticize President Donald Trump for having adopted the crypto for his personal gain by supporting the same $ Trump, that they have Characterized as a “cryptographic scam” which presents a dangerous conflict and can violate the constitutional provision against federal officials who seek profits from their office.
