The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.
Adam Cochran, a partner at Cinneamhain Ventures, made an in-depth summary of the occasion. The members of the Committee made their opening statements with Congressman Tom Emmer safeguarding Bitcoin and the potential of blockchain technology to develop more trust and transparency in traditional systems.
Similarly, Emmer slammed the done not have clarity on regulation and the risk of U.S. business leaving to other territories subsequently. The agent required answers on a key topic: the category of digital assets and whether they will be dealt with as securities, products, or currencies.
Nevertheless, not every member of the Committee was an advocate of Bitcoin. Agent Brad Sherman declared that “& ldquo; he would rather people make ‘& lsquo; bets’ in equity markets or the California lottery game” & rdquo; than invest in BTC or cryptocurrencies. He included:
(& hellip;-RRB- the only advantage of crypto is preventing KYC and its supported by anarchists for tax evasion.
Representative Anthony Gonzalez appeared to support cryptocurrencies and encouraged everyone to listen to the viewpoints of all the members in the Committee and not just the hostiles ones. He classified the idea of buying the California lottery game over Bitcoin as “& ldquo; ridiculous &
rdquo;. U.S. Representive @RepAGonzalez, with a line of questioning that flips the typical argument versus #Bitcoin on its back, “”99.9% of cash laundering with fiat currencies go unprosecuted” “pic.twitter.com/cvbS3sfeHM– Documenting Bitcoin 📄(@DocumentingBTC)June 30, 2021 Does Bitcoin Need New Regulations?
Among the speakers, Valkenburgh’s presentation highlighted the value of Bitcoin as a tool that helps various human rights triggers worldwide. He cited the Nigerian Feminist Coalition in Nigeria to show the power of getting money with a censorship resistance network anywhere in the world.
10/ wow Peter simply pointed out the Nigerian Feminist Coalition/ #EndSARS movement as an example of bitcoin powering liberty and censorship resistance all over the world –– like this being on the congressional record
(see this fantastic podcast w @AnitaPosch –– https://t.co/f6J15x3wsg)
—– Meltem Demir◎◎ rs (@Melt_Dem) June 30, 2021
Valkenburgh thinks there is sufficient guideline in the crypto market. His argument had 2 bottom lines: over the previous 10 years, several federal and city governments provided their own legislation towards this brand-new possession class. He included that technologies within the blockchain are a kind of regulation.
(& hellip;-RRB- onramps, offramps and exchanges, are cash transmitters, banks and trusts, and are all under the BSA, report to FINRA and need KYC/AML.
In BTC’s decade of existence, there have been no reports of a U.S.-based exchange that has actually suffered major losses. Regulators in this nation have quickly punished fraud, cash launders, and other crimes related to the market.
Valkenburgh believes that central bank digital currencies (CBDCs) from China and other “& ldquo; totalitarian governments” & rdquo; will introduce in the coming years. Therefore, he called on the U.S. Congress to accept financial addition or “& ldquo; deliver & rdquo; the influence of these federal governments. Representative Warren Davidson agreed.
U.S Representive @WarrenDavidson, “”China is constructing the creepiest surveillance tool in history & hellip; that’s why we must be welcoming decentralized ledger technology.” “pic.twitter.com/PdorEcBikX– Documenting Bitcoin 📄(@DocumentingBTC)June 30, 2021 At the time of writing, BTC trades at $34,856 with losses in the lower timeframes. The first cryptocurrency by market cap has actually experienced a sag in the previous days and could face even more unless it makes a significant push towards previous highs.