U.S. Congress to hold hearings on ‘Demystifying Cryptocurrency’

The Joint Economic Committee (JEC) of the U.S. Congress will hold hearings on the government’s role regarding digital assets. This is stated on the JEC site.

The hearing, titled “Demystifying Cryptocurrency: Digital Assets and the Government’s Role,” is scheduled for November 17. It will feature former CFTC chair Timothy Massad, Open Markets Institute policy director Alexis Goldstein, Coin Center Director of Research Peter Van Valkenburgh, and Kevin Werbach, professor of law and business ethics at the University of Pennsylvania.

The committee’s chair is Virginia Democrat Don Beyer — in July he introduced to the House of Representatives a bill to create a “comprehensive regulatory framework” for regulating the industry. The JEC also includes Rob Portman, who advocated excluding certain types of crypto businesses from the infrastructure package, and Ted Cruz.

On August 10, the Senate voted for a bipartisan plan to allocate $1 trillion for the construction of roads, bridges, airports, schools and other projects. The document envisions raising additional funding in the form of taxes on cryptocurrency transactions totaling $28 billion.

In the crypto community criticized the bill for its expanded definition of “broker,” covering participants in the crypto industry. It would require miners, node operators, wallet developers, DeFi liquidity providers, and other non-custodial players to report users’ transactions to the tax authorities.

Later, members of the community expressed concerns about another amendment to the infrastructure plan, which would require recipients of digital assets valued at more than $10,000 to verify the sender’s personal information.

In October, the U.S. House of Representatives voted to pass the bill without amendments, in favor of crypto-industry representatives.

In November, the U.S. Treasury released a report on the risks associated with stablecoins. Three senators — Sherrod Brown, Pat Toomey and Cynthia Lummis — diverged in their views on the document.

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