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Three Congress hearings on crypto in the US, new laws to follow?

TL;DR Breakdown

  • For Joe Biden’s reign as America’s President, the regulation of digital assets has been a big issue.
  • Congress has been active since the president’s swearing-in.
  • Three Congress hearings on the regulation and safety of cryptocurrencies have been held on the same day.

Cryptocurrencies have become a hot topic for financial regulators all around the world, and according to many prominent crypto investors, this is actually a good sign. Considering the US SEC, requests for BTC ETFs show no signs of approval for the year 2021.

With Biden as president, Congress has been quite strict with crypto regulation mainly due to its increased usage to evade tax. Tax evasion had become such a great issue, and it has been necessary for the government to find substantial ways to put an end to this.

Three Congress hearings

Senate Committee on Banking, Housing, and Urban Affairs was responsible for leading the biggest financial question of the year: “Cryptocurrencies: What Are They Good For?” There were three Congress hearings that took place on Tuesday that included three prominent people as witnesses.

In these three Congress hearings, prominent figures and founders were present that have a huge experience in the world of cryptocurrencies. The three people were Professor Angela Walch, Mr. Jerry Brito, and Ms. Marta Belcher.

Discussions on cryptocurrencies

The three Congress hearings discussed important aspects of the existence and legality of these digital assets. To summarize, it was clear that the majority of the political left were in favor of cryptocurrencies and their potential impact in a few decades from now.

Contrary to the views of the political left, the right side was more considerate about the functioning of the current monetary system and how this new asset class will affect the current financial stability.

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