Crypto industry representatives call on the U.S. Congress to step in and create regulations for digital asset businesses

Odaily Planet Daily News At a hearing held by the House of Representatives' subcommittee dedicated to digital assets on Tuesday, crypto industry representatives called on Congress to finally step in and set legal standards for digital asset businesses in the United States. "Under the Trump administration, we will correct this mistake by creating a viable path for responsible digital asset companies to do business in the United States," said Bryan Steil, a Republican congressman from Wisconsin. Steil is the chairman of a subcommittee under the House Financial Services Committee. Republicans on the panel condemned the "unpredictable and hostile attitude" taken by former President Biden's administration toward cryptocurrencies, and the executive branch is already overturning some of the past policies of the Federal Deposit Insurance Corporation and the U.S. SEC. But the industry is targeting a far-reaching bill like the one passed by the House of Representatives in the last Congress. Jonathan Jachym, a lawyer and global policy director at U.S. exchange Kraken, said: "There are a lot of issues to discuss in the next few years, but we need to act now and lay the basic foundation." One of the witnesses at the hearing was Timothy Massad, who served as chairman of the U.S. CFTC when the commission first listed Bitcoin as a commodity. He cautioned lawmakers not to get too hung up on details when crafting legislation on digital asset market structure, noting that the CFTC and SEC are better at handling the details required for legislation, while agency leaders should focus on resolving technical issues. This was the first hearing of the digital asset panel during the new Congress, but other committees in both chambers have been delving into cryptocurrency-related issues, such as de-banking. Earlier on Tuesday, Federal Reserve Chairman Powell agreed that de-banking is an issue worth exploring, and he also agreed that the Fed would not launch a central bank digital currency during his tenure. (CoinDesk)