There has been a lot of talk surrounding regulations on crypto assets in the US. Many crypto enthusiasts worry about laws being put in place by the Congressional Committee, as the average age of lawmakers is much higher than in previous years.
With older generations struggling to understand advancing technical mechanisms, it could prove to be detrimental to blockchain technology.
Up until now, many countries have avoided putting regulations in place on digital assets as they are allowing automation to grow. But as the industry booms to all new highs, there has been a recent push for regulation and taxation around the world.
The US passed a bill recently to bolster its infrastructure, but hidden inside the bill was a change to the way digital assets would be handled which could prove to be an issue for US citizens and residents if they wish to utilize decentralized finance.
There were several proponents of the change to regulation for cryptocurrencies including many executives of many crypto companies as well as US officials.
Complaints fell on deaf ears as the Congressional Committee still does not fully grasp what the technology does, instead, it obtains archaic beliefs that digital assets are only for illegal activities.
Now a joint congressional committee will hold a hearing on 17 November, in an attempt to clarify what this technology brings to the US. The hearing is titled ‘Demystifying Crypto: Digital Assets and the Role of Government' and will be held in Washington DC. The committee’s chairman, Representative Don Beyer will preside.
Four experts in cryptocurrency will be speaking at the hearing. Alexis Goldstein, Director of Financial Policy in DC; Tim Massad, former Chairman of the Commodity Futures Trading Commission (CFTC), a research fellow at Harvard Kennedy School and adjunct law professor at Georgetown Law Center; Kevin Werbach and Peter Van Valkenburgh.
This hearing will take place at 2:30 PM EST and many crypto enthusiasts hope this will make a big change to how many of the congressional staff view cryptocurrencies.