The post Crypto Industry Gets Chance to Make Its Case to U.S. Congress appeared on BitcoinEthereumNews.com.

The crypto industry got a chance to make a full-throated appeal for Congress to finally intervene and set legal standards for digital assets businesses in the U.S. during a hearing Tuesday in front of the House of Representatives subcommittee that focuses on digital assets. Under the Republican-led subcommittee’s title “A Golden Age of Digital Assets,” the industry representatives showed up in the hearing with momentum at all levels of the federal government, including from the White House, whose crypto czar was the one to first utter the “golden age” phrase. Just over two years after the devastation of collapsing crypto lenders and the criminal implosion of FTX in 2022, the industry has proven its sharp recovery with a slate of lawmakers clearly on-board for the legislation the industry has been calling for. “Under the Trump administration, we will course correct by creating a workable pathway for responsible digital asset companies to set up operations here in the United States,” said Representative Bryan Steil, a Wisconsin Republican who chairs the subcommittee that’s an offshoot of the House Financial Services Committee. Republicans on the panel decried the “unpredictable and hostile approach” to crypto of former President Joe Biden’s administration (as Steil put it), with an executive branch that’s already reversing some of those past policies at the Federal Deposit Insurance Corp. and the Securities and Exchange Commission. But the holy grail for the industry is a wide-reaching bill like the one passed in the House in the previous session of Congress. “There are many issues to debate over the next several years, but we need to move now and put that basic foundation in place,” said Jonathan Jachym, a lawyer and global head of policy at U.S. exchange Kraken. Among the hearing’s witnesses was Timothy Massad, a former chairman of the Commodity…

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Filed under: News - @ February 12, 2025 2:24 am