Coinbase, CFTC To Testify In Congress Over Draft Crypto Bill

 Coinbase, CFTC To Testify In Congress Over Draft Crypto Bill

U.S. lawmakers have recently proposed a ‘functional framework‘ aimed at providing regulatory clarity to the nation’s Bitcoin and crypto businesses.

The newly proposed crypto bill comes amid the price pump of Bitcoin, Ethereum and other cryptocurrencies that have added $350 billion to the crypto market in 2023.

Coinbase, Robinhood and CFTC To Testify Over Draft Crypto Bill

Now, it has been learned that Coinbase, Robinhood and representatives from the US commodities regulator are gearing up to testify before Congress to discuss the draft crypto bill on June 6, 2023.

Rostin Behnam, Chairman, Commodity Futures Trading Commission said he will be testifying on Capitol Hill before the House Committee on Agriculture to share Coinbase’s views on the Digital Asset Market Structure Discussion Draft that was released on June 2.

Paul Grewal, the Chief Legal Officer of Coinbase has mentioned in a published article that “Crypto is solving real-world problems and we need a clear path forward to protect responsible innovation.”

He also opined that it is essential for Congress to establish clear boundaries regarding the regulation of digital assets and the underlying technology.

These boundaries should determine when digital assets should be treated as commodities, when they should be considered securities, and when certain financial regulations may not be applicable or would lack logical reasoning.

Paul Grewal also commented that the new draft is a “thoughtful effort” and “a major step forward,” urging the lawmakers from both sides of the aisle to act on it as soon as possible.

Also Read: Crypto Skeptic JP Morgan CEO Jamie Dimon Not Running For Office

Mooky Presale


CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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