Coinbase, Robinhood, CFTC to Testify in Congress on Proposed Crypto Bill

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Robinhood, Coinbase, and CFTC Scheduled to Testify in Congress Following Introduction of Game-Changing Crypto Bill Amidst Price Pump

Aiming to bring regulatory clarity to the Bitcoin and cryptocurrency industry, U.S. lawmakers have introduced a “functional framework” proposal.

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In the midst of a significant price surge that has contributed $350 billion to the crypto market in 2023, the introduction of the newly proposed crypto bill has emerged.

Coinbase, Robinhood, and CFTC Set to Testify on Draft Crypto Bill

Coinbase, Robinhood, and US commodities regulator representatives are scheduled to testify before Congress on June 6, 2023, regarding the draft crypto bill.

Rostin Behnam, Chairman of the Commodity Futures Trading Commission, confirmed his participation in testifying before the House Committee on Agriculture on Capitol Hill. His objective is to present Coinbase’s perspectives on the Digital Asset Market Structure Discussion Draft, which was unveiled on June 2.

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In a published article, Paul Grewal, Coinbase’s Chief Legal Officer, emphasized the significance of cryptocurrency in addressing tangible challenges, stating, “Crypto is solving real-world problems, and we need a clear path forward to protect responsible innovation.”

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Expressing his viewpoint further, Paul Grewal highlighted the importance of Congress setting clear boundaries for regulating digital assets and the associated technology. These boundaries should define the classification of digital assets as commodities or securities and determine instances where traditional financial regulations may not be relevant or logical.

Paul Grewal lauded the new draft as a “thoughtful effort” and described it as a significant stride forward. He urged lawmakers from all sides of the political spectrum to promptly take action on the draft, emphasizing the importance of swift implementation.

Also Read This Related:  oinbase Report: Altcoin Market Cap Dominates Cryptocurrency Space

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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