US Crypto Policy Under Scrutiny: Lawmakers and Executives Call for Reform

US Crypto Policy Under Scrutiny: Kraken, PayPal, and Harvard Experts to Testify on Crypto Regulations in Congress

In order to preserve global competitiveness and draw in cryptocurrency companies, industry executives are expected to demand clear regulations for digital assets at a hearing of a US congressional subcommittee. To make sure the US keeps a competitive edge over rivals across the world, lawmakers and business executives are urging President Donald Trump’s administration to restructure the regulations governing the cryptocurrency industry.

A hearing entitled “A golden age of digital assets: charting a path forward” will be held on February 11 by the House Financial Services Committee‘s Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee. Senior cryptocurrency experts, including Timothy Massad from Harvard University, Jonathan Jachym from the Kraken cryptocurrency exchange, and Jose Fernandez da Ponte from PayPal, will be among the witnesses.

Crypto Council Urges US to Adopt Clear Federal Digital Asset Policies

Ji Hun Kim, president and acting CEO of the Crypto Council for Innovation (CCI), stressed the significance of a comprehensive, well-defined federal policy for digital assets in a written statement to Congress. He pointed out that the United States could lag behind while global rivals like the European Union, the United Kingdom, Japan, and Singapore are developing transparent policies. To guarantee that the US maintains its position as a worldwide leader in digital assets, Kim listed four important legislative needs.

These include enacting laws pertaining to stablecoins and comprehensive market structures, improving cooperation between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), and promoting decentralized finance and individual empowerment. Coy Garrison, a lawyer at the Steptoe law firm, backed the Trump administration’s proposal for regulatory reforms. By reversing the restrictive policies of former President Joe Biden‘s administration, he pointed out that the SEC, CFTC, and Federal Deposit Insurance Corporation (FDIC) are attempting to entice cryptocurrency companies to return to the United States.

The timing is right for Congress and the Administration to work together to implement a much-needed regulatory framework for digital assets in the US.

Garrison

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