Congress Is Now Holding Two Crypto Hearings This Wednesday

Christine Kim
Jul 16, 2018 at 20:00 UTC
Updated Jul 16, 2018 at 21:14 UTC
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Congress is set to hold not one but two separate hearings related to cryptocurrencies on Wednesday.

Last week, CoinDesk reported that the House Committee on Financial Services will gather this week to discuss the subject, with this particular hearing honing in on the question of crypto as a new form of money. A memo published since that news first broke notably states that members will examine “the extent to which the U.S. government should consider cryptocurrencies as money and the potential domestic and global uses for cryptocurrencies.”

That same day, the House Agriculture Committee will hold a hearing entitled “Cryptocurrencies: Oversight of New Assets in the Digital Age.” In a statement, chairman Michael Conaway explained that the hearing seeks to “shed light on the promise of digital assets and the regulatory challenges facing this new asset class.”

It’s a noteworthy statement, declaring that at least some in the U.S. national legislature hold the view that cryptocurrencies constitute a new kind of asset.

“Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology,” Conaway added.

Together, the hearings represent a double-header of sorts, and CoinDesk has confirmed both hearings will be live-streamed from Capitol Hill, Washington, DC. The Agriculture Committee hearing will take place at 10 a.m. EST while the Financial Services Committee’s hearing will occur at 2 p.m. EST.

According to the Financial Services Committee memo, the witnesses set to appear are: Dr. Rodney Garratt of University of California Santa Barbara; Dr. Norbert Michel of the Heritage Foundation’s Center for Data Analysis; Dr. Eswar Prasad, a senior fellow at the Brookings Institution; and Mr. Alex Pollock, a senior fellow for the R Street Institute.

Capitol Building image via Shutterstock