Senate Hearing on Cryptocurrency
A senate hearing on cryptocurrency (also known as a congressional hearing) is an event held by the United States Senate to discuss issues related to digital currencies, securities and other blockchain-based technologies. These hearings are typically conducted in order to gain more information about the emerging technology and its implications for society. Additionally, they serve as a platform for legislators to express their views on how government should regulate or interact with these new technologies.
The first Congressional hearing regarding cryptocurrencies was held in November 2013 by the Homeland Security Committee of the US Senate. Since then, there have been over 20 hearings across various committees that have focused exclusively or partially on topics related to cryptocurrencies such as taxation, money laundering and investor protection. In addition, independent agencies such as the SEC (Securities & Exchange Commission) and CFTC (Commodity Futures Trading Commission) have also hosted hearings around cryptocurrency regulation and enforcement actions taken against certain companies operating within this space.
Most recently, in February 2019 Senator Mike Crapo chaired a Banking Committee meeting with several key regulators from federal agencies responsible for overseeing financial markets including representatives from The Commodity Futures Trading Commission (CFTC), Securities & Exchange Commission (SEC), Federal Reserve Board of Governors , Financial Crimes Enforcement Network (FinCEN). During this particular hearing Congress asked questions about how current laws may need updating due to advances in technology like cryptocurrency which could lead lawmakers into creating new regulations governing cryptocurrency asset classes if deemed necessary. As expected during these types of meetings many members expressed concern over potential risks posed by cryptocurrencies such as fraud and manipulation while others provided insight into what needed to be done so that investors are better protected when engaging within this market space
