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US Senate Ramping Up Work On Crypto and Blockchain Regulatory Framework

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July 24, 2019 | 

Darryn Pollock |  0 Comments| 

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Following an investigation into Facebook’s Libra cryptocurrency, the US Senate is set to hold another debate centered around the digital asset space. This time, it will be a broader debate on crypto and blockchain regulatory frameworks.

Libra was brought before the Senate in order to ascertain how it intends to work within regulations as there was concern over the social media giant’s play to become a sort of financial provider. 

The hearing this time will be more exploratory and deal with attempting to build a viable and functional framework for cryptocurrencies and blockchain.

Examining Regulatory Frameworks

The hearing — entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain” — will take place at the end of the month and one of the more high-profile planned witnesses include Jeremy Allaire, co-founder and CEO of payments company Circle. Allaire will speak on behalf of The Blockchain Association.

Other witnesses include Rebecca M. Nelson, a specialist in International Trade and Finance at “Congress’s think tank,” as well as Professor of Law Mehrsa Baradaran, from the Irvine School of Law at the University of California. 

Searching for compliance

While the US has never been a country to threaten bans on Bitcoin or the quelling of the nascent technology, there have been fractured and shattered regulations at best. This has left an ambiguous hole in the rules for cryptocurrencies to operate within. 

These hearings, which include examining Libra, should be viewed as positive as it indicates that the law makers are willing to understand the intricacies of the space and try and work rules and regulations around it. 

Thus far, the standpoint of the senate has been one of curiosity, but also one of cares. Concerns about Facebook’s privacy failings were at the centre of their concerns with Libra, rather than the nature of the cryptocurrency. 

It should be expected that similar sentiment will be shared when the senate meets again to discuss cryptocurrencies and blockchain at this more general hearing.

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