The Crypto Council for Innovation is now calling for a regulatory reset of the cryptocurrency sector under President Donald Trump to ensure the US remains competitive in this space.
This landmark hearing will gather industry leaders, policymakers, and financial experts to discuss new legislative solutions that are likely to create a ‘Golden Age’ of digital assets.
The hearing on crypto’s future explores the path from stifled growth to a “Golden Age”
The hearing will cover current blockchain use cases, look at how the industry was stifled during President Joe Biden’s time in office, and discuss the consumer protection regulations that are needed along with other legislation to unlock crypto’s potential in the U.S.
Some of the key participants will include cryptocurrency specialists, such as Jose Fernandez da Ponte from PayPal, Jonathan Jachym from Kraken crypto exchange, and Timothy Massad from Harvard University.
In a written testimony to Congress, Ji Hun Kim, president and acting CEO of the Crypto Council for Innovation (CCI), emphasized the importance of a clear, comprehensive digital asset policy at the federal level. He noted that international competitors, such as the European Union, the United Kingdom, Japan, and Singapore, are advancing with clear regulations, putting the United States at risk of falling behind. Kim outlined four key legislative priorities to ensure the US remains a global leader in digital assets.
These priorities include passing comprehensive market structure legislation, passing stablecoin legislation, enhancing coordination between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), and supporting decentralized finance and individual empowerment.
A unified regulatory framework will unlock crypto’s potential
As Coy Garrison, a partner at the Steptoe law firm, noted, the SEC, CFTC, and FDIC are all working to bring crypto businesses back to the US after undoing many of the restrictive policies implemented during former President Joe Biden’s administration.
Garrison’s testimony also emphasized the necessity of congressional action to oversee spot market digital asset trading, in addition to the SEC’s responsibility to provide regulatory clarity within its existing jurisdiction:
The timing is right for Congress and the Administration to work together implement a much-needed regulatory framework for digital assets in the US.
Coy Garrison
One of the witnesses is Timothy Massad, a Harvard research fellow and former Chair of the Commodities and Futures Commission (CFTC) during the Obama administration. In his testimony, he provides a detailed critique of the STABLE Act, the House’s stablecoin bill. The Senate also has the GENIUS Act Bill, which is somewhat similar.
Massad prefers rulemaking and clarity over-regulation by enforcement. However, he has compared DeFi to driving a car without brakes and is not keen on self-hosted wallets for stablecoins.
On the other hand, he objects to assertions that digital assets are mainly used for illicit activity and believes crypto is here to stay.
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