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US Congress plans ‘demystifying crypto’ committee hearing for Nov. 17



The Joint Economic Committee, which includes Republican and Democratic members of both the United States House of Representatives and Senate, will be holding a hearing on the role of government concerning crypto.

According to the Joint Economic Committee’s, or JEC’s, schedule for next week, Congresspeople will be listening to industry experts speak at a hearing called “Demystifying Crypto: Digital Assets and the Role of Government” on Nov. 17. Representative Don Beyer — who has previously proposed legislation expanding the regulatory and legal framework for digital assets in the U.S. — will be chairing the hearing.

Industry experts scheduled to speak include Alexis Goldstein, director of financial policy at the Open Markets Institute; Tim Massad, former chair of the Commodity Futures Trading Commission; Kevin Werbach, director of the Blockchain and Digital Asset Project at the Wharton School of the University of Pennsylvania; and Peter Van Valkenburgh, director of research at Coin Center. Lawmakers including Senator Rob Portman and Senator Ted Cruz, who have both previously spoken in favor of crypto regulation, are JEC members.

Related: House committee reviews cryptocurrency risks, regulations in hearing

Much of the discussion surrounding crypto regulation in the U.S. has been outside full sessions of the House or Senate, instead often limited to meetings of the House Committee on Financial Services or the Senate Committee on Banking, Housing and Urban Affairs. However, the issue took center stage in Congress in August when the debate over the wording of the current infrastructure bill included tax reporting requirements for crypto developers, transaction validators and node operators.

The bill has since passed both the House of Representatives and the Senate without additional clarification on crypto brokers and is awaiting approval from President Joe Biden. The U.S. president is expected to sign the bill into law on Monday.