The Committee on Banking, Housing, and Urban Affairs will take cryptocurrencies a step further towards regulation next week when it meets in open session on Tuesday to discuss a regulatory framework for cryptocurrencies. The hearing, ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain’, will hear from a number of individuals within the cryptocurrency and blockchain world as the U.S. government tries to get a firmer handle on how to wrestle with the growth of digital assets.
Mnuchin Doubts Bitcoin’s Longevity as Panel is Revealed
The list of individuals who will no doubt have to face the same tired questions on money laundering and financing of terrorism within cryptocurrency are Jeremy Allaire, co-founder, Chairman, and Chief Executive Officer of Circle, on behalf of The Blockchain Association; Rebecca M. Nelson, specialist in international trade and finance at the Congressional Research Service; and Mehrsa Baradaran, Professor of Law at the University of California, Irvine School of Law. This three-person panel has the potential to offer some intelligent insights into a multitude of aspects related to blockchain and cryptocurrencies, and will hopefully give some of the more intransigent members of the committee food for thought.
Mnuchin Rings Bitcoin’s Death Knell
On the day the hearing was announced, Treasury Secretary Steven Mnuchin took to CNBC’s Squawk Box to offer some less enlightening thoughts. Mnuchin, who called digital assets a “national security issue”, said that he will “personally not be loaded up on Bitcoin in 10 years” and that “I would bet even in five to six years I won’t even be talking about Bitcoin as Treasury Secretary.” Bitcoin enthusiasts will point to the numerous threats to Bitcoin’s life that it has survived in its 10 years on the planet, suggesting that Mnuchin’s bet is likely to succeed on the basis of his tenure as Treasury Secretary expiring before Bitcoin does.
— Squawk Box (@SquawkCNBC) July 24, 2019