Congressional Hearings Address Crypto Regulation and Compliance Concerns

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced a series of joint hearings in May that will focus on addressing the market structure around digital assets in the U.S. The aim of the hearings is to establish a bill providing regulatory clarity to the crypto sector, which adds to the work being done on the bipartisan bill led by Senator Cynthia Lummis and Senator Kirsten Gillibrand. The Responsible Financial Innovation Act, also known as the Lummis-Gillibrand bill, was initially introduced in the U.S. Senate in June 2022 and addresses Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) jurisdiction, stablecoin regulation and crypto taxation, among other things.