U.S. House Committee to Examine Crypto Issues in September

The U.S. House Financial Services Committee is planning several important crypto-related hearings in September. These hearings will address decentralized finance (DeFi), the SEC’s role in digital assets, and “pig butchering” scams. These discussions are crucial for the future of cryptocurrency regulation in the United States.

As chairman, Rep. Patrick McHenry (R-N.C.) guides the oversight of U.S. securities and various financial products. With his retirement approaching at the end of this year, McHenry is focused on establishing clear federal regulations for the crypto industry. These hearings are a crucial component of his final efforts.

The first hearing is set for September 10, which will focus on DeFi, a sector under intense regulatory scrutiny. The hearing will be a subcommittee examination. It will explore proposed rules by agencies like the SEC and the IRS. These rules could greatly impact DeFi projects, possibly threatening their survival.

September 18 will be a busy day with two hearings planned. The morning session will examine the SEC’s enforcement practices, especially concerning digital assets. In the afternoon, another hearing will focus on “pig butchering” scams. These scams are growing more prevalent in crypto, where criminals pose as romantic partners to steal assets.

The most anticipated hearing will be on September 23, which will involve the full committee. SEC Chair Gary Gensler and the other four commissioners will testify. Having all five commissioners testify together is unusual. It highlights the importance of the issues being discussed.

Lawmakers are currently in a heated debate over who should spearhead cryptocurrency regulation. Some legislators are calling for a more significant empowerment of the Commodity Futures Trading Commission (CFTC), recognizing it as a potentially more crypto-friendly regulator than its counterparts.

The chance of passing crypto legislation this year is uncertain. However, the committee’s busy schedule shows a strong commitment to addressing crypto issues. Senate Majority Leader Chuck Schumer (D-N.Y.) and other key lawmakers want to see progress on crypto regulation.