The House Subcommittee on Digital Assets, Financial Technology (Fintech), and Inclusion has scheduled a hearing on digital assets and the regulatory shortcomings that pepper the market today. Entitled, The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure, the hearing will take place next week on Thursday, April 27, 2023.
Few details are yet available, but what is evidentially clear is that regulators require well-defined rules to manage digital assets going forward. While some digital assets are obvious securities, others may be currency or commodities, and some are utilities or collectibles/property. The current legal system has adjusted poorly to these new types of assets – especially in cases where some have multiple characteristics.
More recently, the House Subcommittee tackled stablecoins which are, effectively, a new form of payments. Expect bipartisan support for the published legislation.
While further information on the hearing is not yet available, it should be published in the coming days.
At the same time, the House Financial Services Committee has announced another hearing on “Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)” by the Subcommittee on National Security, Illicit Finance, and Financial Institutions. Scheduled for the same day, more details on the hearing should be forthcoming prior to the hearing.