US House Committee Schedules Crypto Hearings In September

The US House of Representatives Financial Service Committee plans to schedule crypto hearings in September.During the hearings, the committee will deliberate on crypto-related topics, including decentralized finance (DeFi).

U.S. House to hold key crypto hearings in September

The U.S. House Financial Services Committee plans a series of crypto-focused hearings in September, covering decentralized finance (DeFi), SEC oversight and "pig butchering" scams, CoinDesk has reported. The hearings will begin...

- CoinNess Global (@CoinnessGL) August 29, 2024

Also, topics like the Securities and Exchange Commission (SEC)'s digital asset regulatory approach under Gary Gensler's leadership may surface. Gensler is scheduled to appear on the committee in September.

US House Committee Sets Heaps Of Hearings On Crypto And Others

The US House of Representatives Financial Services Committee will also look into pig butchering scams and their impacts, especially on the crypto sector.

The House Committee's oversight covers US securities and other vital financial products. Moreover, the committee chairman, Rep. Patrick McHenry (R-N.C.), will retire by the end of this year.

Before now, the chairman disclosed some of his priorities, including establishing formidable federal crypto rules. He's been working toward concluding one of the bills to achieve this.

The committee plans to initiate the first series of hearings on September 10, focusing on the crypto industry. Firstly, a subcommittee will explore DeFi, an area in cryptocurrency with the most negative scrutiny from regulators.

Moreover, the deliberation could bring regulatory proposals from some federal agencies, including the SEC and Internal Revenue Service, that could impact the existence of several DeFi projects.

Further, the committee marked two crucial hearings for September 18. The first session will focus on the SEC's activities and enforcement actions within the digital asset space.

The second or afternoon session will discuss the implications of pig butchering scams. The committee's concern stems from the increasing trend of these scams within the crypto industry. The bad actors always steal from their victims through manipulative plots.

The SEC Chair Gary Gensler To Testify Before House Panel

The House panel set September 23 as the most crucial day of the hearings. The session will see the full convergence of the committee and will focus on the SEC's regulatory activities.

According to the schedule, the SEC Chair Gary Gensler and the other five-member commission will join the session to testify before the committee. This move marks a rare occurrence in such hearing sessions.

Moreover, this last hearing session with the full committee aims to uncover details of the SEC's enforcement actions in the crypto industry. The hearings could also impact the current legislative efforts to control the SEC's oversight of digital assets.

The House seems to favor the Commodity Futures Trading Commission (CFTC) and could transfer all regulatory authority to it.

Additionally, the timing of the hearings is vital as lawmakers, such as Senate Majority Leader Chuck Schumer, continue to negotiate on possible crypto regulations.

Significant uncertainty beclouds the US crypto regulatory atmosphere despite the recent strides. However, the upcoming hearings could mark a notable move and commitment to tackle prominent dynamic challenges within the digital asset industry.

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