House Republicans are working on a plan to overhaul the regulation of cryptocurrency.
Republicans on the House Financial Services Committee have drafted a number of smaller regulatory bills recently, but Rep. French Hill (R-AR), head of the Digital Assets Subcommittee, told Politico that they plan to go much further over the next few months.
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“We’re working on a comprehensive regulatory framework that goes beyond the bills,” Hill said. “We’re going to spend March and April in a significant effort on listening to stakeholders in the digital assets arena [and] considering other legislative proposals. So that’ll be our principal work plan for the next two months.”
Hill didn’t specify what kind of regulatory framework they are going to propose.
A hearing was held on Thursday featuring testimony from Coinbase Chief Legal Officer Paul Grewal. In prepared remarks, he called for a regulatory framework that would embrace the industry while protecting consumers.
“Crypto is a technology that makes the existing financial system work better. But the benefits, such as enabling faster and cheaper payments or settling in real-time, require laws and rules that reflect a new way of thinking and an eye toward progress. We need policymakers to work together to develop a comprehensive framework that provides pathways for customers to access both digital asset commodities and digital asset securities in the U.S.,” Grewal said.
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“Europe, the U.K., Australia and Singapore — just to name a few — are putting in place regulatory frameworks that are creating high standards for crypto,” he added. “It is truly a race to the top, and the U.S. is already behind.”
While the Republicans in the committee are calling for regulation, some bills being proposed are supportive of the industry, signaling that Grewal’s advice is being followed.
