• The Digital Assets Financial Technology Inclusion Committee held a hearing on May 18 to discuss stablecoin policy.
• Lawmakers want to support stablecoins as a recognized payment method, but there is a gap in their understanding of the technology.
• Congressman Hill clarified that committee members have the power to reverse the trend of U.S. crypto flight and “submit the U.S. as the leading place for safe payments innovation.“
Stablecoin Policy Hearing
The Digital Assets Financial Technology Inclusion Committee held a hearing on May 18 to discuss stablecoin policy. Congressman French Hill opened the meeting by stating it is the committee’s aim to put through legislation supporting stablecoins as a recognized payment method. He also touched on anti-crypto sentiment at the governmental level and stated how committee members have the power to reverse this trend and make the U.S. a leader in safe payments innovation.
Bipartisan Agreement On Stablecoin Regulation
At the hearing, lawmakers from both sides of aisle agreed that regulation was needed for stablecoins, however they disagreed about which proposed bills should be passed in order to bring clarity and consumer protection to these coins‘ ecosystems. Representative Emanuel Cleaver expressed his concern over potential criminal use of digital assets and called for more regulations related to money laundering prevention and taxation when using cryptocurrencies like Bitcoin or Ethereum-based tokens such as Tether (USDT).
CFTC Authority Over Cash Crypto Markets
Chairman Heath Tarbert spoke at length about Commodity Futures Trading Commission’s (CFTC) lack of authority over cash crypto markets due its limited jurisdiction over spot trades only within United States borders, but he pointed out that CFTC does have broad powers over derivatives such as futures contracts based on digital assets traded outside US borders like Bitcoin or Ether futures traded on exchanges located elsewhere in world where CFTC has no jurisdiction whatsoever.. He also highlighted how difficult it will be for regulators like CFTC or SEC (Securities Exchange Commission) come up with universal regulatory framework for all cryptos since each asset might need different kind treatment depending if they are securities tokens or utility tokens, etc…
FATF Head Urges G7 To Bring Order To ‘Lawless Crypto Space’
FATF head Marshall Billingslea urged G7 members countries come together create unified global standard when it comes regulating crypto space prevent illicit activities taking place without detection authorities.. He said during speech that while technology can be used nefarious purposes, also provides new opportunities financial system can take advantage create better infrastructure products services customers around world enjoy securely safely…
Filecoin Foundation Rejects SEC’s Classification Of FIL As Security
Filecoin Foundation rejected latest classification FIL token security Securities Exchange Commission claiming token meets Howey test criteria established determine whether not particular asset security.. Chairman Executive Officer Juan Benet stated during hearing Token Network been operating since 2017 without any issues presents unique value proposition users allowing them transact peer-to-peer basis access decentralized storage network..