U.S. House Financial Services Committee Plans Multiple Crypto Hearings in September

According to CoinDesk: The U.S. House Financial Services Committee is set to dive into a packed schedule of cryptocurrency-related hearings in September, focusing on key areas such as decentralized finance (DeFi), the Securities and Exchange Commission’s (SEC) regulatory oversight, and the rising threat of "pig butchering" scams. This initiative comes as the committee aims to address various issues and potential legislation surrounding the rapidly evolving digital asset landscape.According to sources familiar with the planning, the committee, chaired by Rep. Patrick McHenry (R-N.C.), will launch a series of hearings beginning September 10. The first hearing will focus on DeFi, a sector of the crypto industry that has garnered significant attention, primarily negative, from regulators. This session will likely explore proposed rules from federal agencies like the SEC and the Internal Revenue Service (IRS) that could significantly impact DeFi projects.The committee's agenda will be packed on September 18, featuring two hearings in one day. The morning session will scrutinize the SEC's enforcement practices in the crypto industry, while the afternoon session will delve into the implications of "pig butchering" scams, a fraudulent practice where scammers pose as romantic partners to deceive individuals into losing their assets.The most anticipated hearing is scheduled for September 23, where the entire SEC commission, including Chair Gary Gensler, is expected to testify. This full-committee session is unusual in its approach, as all five SEC commissioners will be present, potentially reflecting the high stakes involved. The hearing comes at a critical time as lawmakers are negotiating legislation that could potentially limit the SEC's jurisdiction over digital assets, possibly shifting more authority to the Commodity Futures Trading Commission (CFTC).Rep. McHenry, who is set to retire at the end of the year, has identified the passage of crypto-related legislation as one of his top priorities. The committee's hearings in September could play a pivotal role in shaping the future regulatory framework for digital assets in the U.S.As Congress grapples with these complex issues, the possibility of enacting comprehensive crypto legislation remains uncertain. However, key lawmakers, including Senate Majority Leader Chuck Schumer (D-N.Y.), have expressed a strong commitment to advancing such legislation within the year.A spokesperson for the committee chairman was not immediately available for comment on the upcoming schedule.