The U.S. House Financial Services Committee is set to initiate a sequence of hearings focused on cryptocurrencies, covering topics such as decentralized finance (DeFi), the Securities and Exchange Commission’s (SEC) regulation of digital asset enterprises, and the impact of “pig butchering” scams.
The committee, responsible for overseeing U.S. securities and most financial services, plans to allocate numerous sessions in September specifically to discuss cryptocurrency-related issues, per a knowledgeable source. The committee’s chair, Rep. Patrick McHenry (R-N.C.), who plans to retire at year’s end, aims to focus on completing legislation that would start to set up specific federal regulations for cryptocurrencies.
The initial hearing, scheduled for September 10, will be a thorough review by a subcommittee into DeFi, an area that has mostly attracted regulatory skepticism so far. Several rules proposed by different federal bodies could pose severe risks to DeFi ventures, including those from the SEC and Internal Revenue Service.
A busy day on Sept. 18 will feature two hearings – one in the morning on the enforcement practices of the SEC and one later on the implications of so-called pig butchering, the practice of posing as a romantic partner to scam people out of their assets.
But a full-committee hearing on Sept. 23 could carry the most crypto weight, with the SEC set to testify. The House panel is said to be seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing – a highly unusual approach.
They’d appear just as the lawmakers are also negotiating legislation that could seek to hem in the agency’s digital assets jurisdiction in favor of casting the Commodity Futures Trading Commission in a more prominent role. The possibility of crypto legislation remains dicey this year, though the calendar includes time for work on bills, and prominent lawmakers – including Senate Majority Leader Chuck Schumer (D-N.Y.) – keep saying they intend to get something done.
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