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US Senate Set to Discuss Blockchain and Cryptocurrency Regulatory Frameworks

The United States senate banking committee is about to hold another debate on blockchain and cryptocurrency.

According to an official committee announcement, the hearing titled “Examining regulatory frameworks for digital currencies and Blockchain” is scheduled for July 30, 2019, at 10 a.m. EST and broadcasted live.

The announcement also mentions that the planned witnesses include: Jeremy Allaire, the CEO and Co-founder of payments company Circle. Rebecca M. Nelson, a veteran in international trade and finance. And, Mehrsa Baradaran, a professor of law at California University’s Irvine School of Law. Jeremy Allaire is set to appear on behalf of the Blockchain Association.

The planned meeting comes a few weeks after the United States Senate hearing on Facebook’s soon to be launched cryptocurrency, Libra.

According to a report by TSA, the United States Senate Banking Committee did not show any mercy to the social media giant during the discussion about its upcoming stablecoin. The committee especially grilled Facebook around issues regarding regulatory compliance, trust and privacy, in light of Facebook’s past transgressions.

Soon after the banking committee hearing, chairman Mike Crapo and Sherrod Brown, a ranking member, shared additional insight into their concerns.

Crapo:

 "We’ve got to look at how we structure data protection in the united states (…) We need to move to a comprehensive approach. What that structure exactly is, I can’t tell you".

US Senate set to discuss blockchain
Mike Crapo. IMAGE: crapo.senate.gov

 

Brown:

"Clearly, Americans don’t trust Wall Street. They now are putting big tech and big banks in the same category. Because they’ve seen the betrayal and the undermining of our democratic values in Facebook and in other tech companies".

US senate to discuss blockchain
Sherrod Brown. IMAGE: brown.senate.gov

 

In a hearing that took place at the US house financial service committee the following day, a house representative asked David Marcus, CEO of Facebook’s wallet service Calibra, how lawmakers can be expected to put their trust in a company who previously failed in dealing with collection, storage, and misuse of user data resulting in a hefty fine of five billion dollars.

The impact of the coming debate in the United States Congress on markings and opinions about blockchain and cryptocurrencies remains to be seen.

 

Learn more about Libra here.

 


About the author:

Jay Jackson is a blockchain enthusiast and a freelance writer at topcryptowriter.com. He works closely with brands (people, businesses and startups) in the crypto sphere. He currently writes Blog posts, Guides, Press releases, ICO reviews, eBooks & Whitepapers. You can find him on LinkedIn.

Images courtesy of Senate.gov, Crapo.senate.gov
Disclaimer: The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.

Last updated: 27/07/2019

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