Coinbase, Robinhood, and representatives from the United States commodities regulator are set to testify before Congress on June 6 to discuss a newly proposed crypto bill.
The trio will be sharing their firm’s, or agency’s views on a proposed bill that could see certain crypto tokens classified as digital commodities, among other things.
“Tomorrow I have the honor of testifying on Capitol Hill before the House Committee on Agriculture to share Coinbase’s views on the Digital Asset Market Structure Discussion Draft […] released last week,” said Coinbase Chief Legal Office Paul Grewal in a statement on June 5.
I will be testifying tomorrow in front of the House Committee on Agriculture on the issues related to #digitalcommodityassets. Watch the hearing here: https://t.co/PAKpCuavpr
— Rostin Behnam (@CFTCbehnam) June 5, 2023
Other witnesses called to testify include former CFTC chair Chris Giancarlo, former CFTC commissioner Dan Berkvitz and FIAconnect founder Walt Lukken.
In a June 5 Twitter thread, Grewal gave a rundown of what his own testimony will focus on.
“The U.S. is falling behind. We cannot afford to ignore crypto while other markets take advantage of our absence, developing rules and regulations that enable the industry to thrive and risk sending jobs, investment, and technological leadership overseas,” Grewal noted adding that:
“We need a clear rulebook in the US to achieve the full promise of crypto. Until rules and laws are developed that reflect the realities of this new economic system, we cannot realize the full potential of making our financial system faster, fairer, and more affordable.”
Grewal will also make apparent his support for the proposed crypto bill, which he said is “a strong step forward in providing overdue regulatory clarity.”
Tomorrow I will be testifying on Capitol Hill before the House Committee on Agriculture on the need for clear crypto rules and the Digital Asset Market Structure Discussion Draft. Read a summary of my testimony here/below:https://t.co/V4vTo0OT6L
— paulgrewal.eth (@iampaulgrewal) June 5, 2023
The Digital Asset Market Structure Discussion Draft was released on June 2, and is part of a push from Republican congressmen Patrick McHenry and Glenn Thompson to provide a “statutory framework for digital asset regulation intended to provide clarity, fill regulatory gaps, and foster innovation, while providing adequate consumer protections.”
Commenting on the draft, Grewal described it…
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