US Congress to Discuss ICOs in Hearing Next Week
UPDATE (9th March 5 p.m. EST): The House Financial Services Committee has published a memorandum and list of witnesses for next week's ICO and cryptocurrencies hearing.
The witness set to appear are:
- Chris Brummer, Professor of Law, Georgetown University Law Center
- Mike Lempres, Chief Legal and Risk Officer, Coinbase
- Robert Rosenblum, Partner, Wilson Sonsini Goodrich & Rosati
- Peter Van Valkenburgh, Director of Research, Coin Center
Here's what the committee is saying ahead of the hearing, which will be held by the Subcommittee on Capital Markets, Securities, and Investment:
A subcommittee of the U.S. House of Representatives Financial Services Committee is set to hold a hearing next week on cryptocurrencies and initial coin offerings (ICOs).
posted on the committee's website states that the Capital Markets, Securities, and Investment Subcommittee hearing – entitled "Examining the Cryptocurrencies and ICO Markets" – is scheduled for March 14 at 10 a.m. EST.
Speaking to CoinDesk on the sidelines of this week's DC Blockchain Summit, U.S. Representative Tom Emmer – a member of the subcommittee – suggested that the hearing would largely be educational in nature, aimed at providing members with more information about the market for cryptocurrencies and token sales.
He also indicated that, amongst Financial Services Committee members, there's a growing interest in learning more about the subject and the implications of the tech's use in areas like remittances.
The hearing represents the latest Congressional foray into the world of cryptocurrencies, coming more than a month after the Senate Committee on Banking, Housing and Urban Affairs held a major hearing on the topic that included testimony from Securities and Exchange Commission (SEC) chairman Jay Clayton and Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo. At that hearing, the two notably indicated that their respective agencies could ultimately seek additional oversight powers over the market.
Capitol Hill image via Shutterstock
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
