- The US House Financial Services Committee has planned a series of hearings focused on various cryptocurrency industry aspects
- The hearings have included topics like decentralized finance (DeFi) and the SEC’s regulatory approach to digital assets
- They have also addressed concerns about “pig butchering” scams, reflecting recent increases in related activities
The US House Financial Services Committee is set to embark on a comprehensive series of hearings next month focusing on various facets of the cryptocurrency industry, according to Coindesk. The outlet cites an insider as saying that the hearings will cover key areas such as decentralized finance (DeFi), the Securities and Exchange Commission’s (SEC) regulatory approach to digital asset businesses, and the dangers of “pig butchering” scams. Both areas have seen an increase in activity in recent months, and so their inclusion in such high-level discussions is not surprising.
McHenry Wants Legislation Before Term Ends
The drive to secure crypto legislation is driven by Representative Patrick McHenry, the committee chairman who is set to retire at the end of this year. McHenry has prioritized the passage of a bill that would establish federal regulations tailored to the crypto industry, indicating that completing this legislative effort is among his top remaining goals before leaving office.
The hearings will begin on September 10 with a subcommittee session dedicated to examining DeFi—a sector that has thus far attracted mostly negative attention from regulatory bodies. Proposed regulations from agencies such as the SEC and the Internal Revenue Service could significantly impact the future of DeFi projects, potentially posing existential threats to their operation.
On September 18, the committee has scheduled two key hearings: the morning session will focus on the enforcement practices of the SEC, while the afternoon session will address the rising issue of “pig butchering” scams, where fraudsters pose as romantic partners to defraud individuals of their assets.
Gensler to Testify
The most significant hearing of the month is expected to occur on September 23, when the full committee will convene to hear testimony from the SEC. Notably, the committee aims to bring SEC Chair Gary Gensler and the entire five-member commission to testify together—a rare occurrence in such proceedings.
This hearing comes as lawmakers are in the midst of negotiating potential legislation that could redefine the SEC’s jurisdiction over digital assets, possibly shifting some authority to the Commodity Futures Trading Commission (CFTC).
While the future of crypto legislation remains uncertain, the committee’s September schedule reflects a strong commitment to addressing the evolving challenges in the digital asset space, with key lawmakers, including Senate Majority Leader Chuck Schumer, expressing a determination to see progress in this area.
