US CFTC Chair Behnam, Coinbase Chief Legal Among Others To Testify at House Hearing

The US Commodity Futures Trading Commission Chair Rostin Behnam, Coinbase’s Chief Legal Officer Paul Grewal and a slew of former regulators are set to testify Tuesday morning in entrance of a US congressional committee.

The House Agriculture Committee will meet to debate laws to control cryptocurrencies and listen to from Behnam, Grewal and former CFTC Chair Christopher Giancarlo, amongst others.

The listening to titled, “The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets,” begins at 10 a.m. following information of a Securities and Exchange Commission grievance filed in opposition to crypto alternate Binance and days after House Agriculture Chair Glenn “GT” Thompson, R-Pa., launched draft laws to control the trade. 

The committee can even hear from former SEC Commissioner Dan Gallagher, who’s now chief authorized compliance and company affairs officer at Robinhood Markets, Inc. 

Former CFTC Commissioner and former SEC General Counsel Dan Berkovitz in addition to former CFTC Acting Chairman and now CEO of the Futures Industry Association Walt Lukken are additionally set to testify.

The digital asset invoice

It is probably going that the committee will focus on a draft dialogue — which was first launched final week. 

The laws, launched on Friday, seeks readability on when a digital asset can be thought of a safety and thereby regulated by the SEC, whereas making a course of on how digital belongings are handled and the way intermediaries can register with the SEC or the CFTC.

At the tip of the final Congress, each House Financial Services Chair Patrick T. McHenry of North Carolina and House Agriculture Committee Chair Thompson, wished to discover a path ahead collectively, in accordance with senior coverage individuals conversant in drafting the laws. 

The draft laws, known as the Digital Asset Market Structure Discussion Draft, would create a framework that may give the CFTC jurisdiction over digital commodities, whereas clarifying the SEC’s jurisdiction over “digital assets offered as part of an investment contract.”