House Financial Services Committee Schedules Hearing on US Financial Regulation Falling Behind

The Subcommittee on Financial Institutions and Monetary Policy, part of the House Financial Services Committee, has scheduled a hearing entitled; “The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation.”

The United States is home to the most robust financial markets in the world. The size of the market drives appeal from global investors and institutions. Yet, in the past few years, some observers see the US falling behind in enabling innovation in financial services, including digital assets.

Just this past week, there was an announcement from multiple global securities regulators who revealed a partnership regarding crypto – seeking to empower innovators while protecting investors.

Also, this past week, the UK reaffirmed its intent to turn the UK into a global digital asset (or crypto asset) hub, encouraging innovators from around the world to set up shop in the friendly jurisdiction.

Meanwhile, the US Securities and Exchange Commission and some members of Congress have voiced hostility towards allowing innovators to experiment and potentially improve upon existing financial services.

While the Hearing memo is not yet available, events like those above will most likely get some coverage during the hearing.

The hearing is scheduled to take place on November 7, 2023, at 10 AM ET. The hearing will be live-streamed on the Committee website and available to the public.

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