Coinbase, Robinhood, CFTC to testify in Congress over draft crypto bill

On June 6, Coinbase, Robinhood, and representatives from the US commodities regulator will testify before Congress to talk about a recently proposed crypto bill.

The trio will discuss how their company or organization feels about a measure that, among other things, might classify some crypto assets as digital commodities.

“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.

Former CFTC head Chris Giancarlo, former CFTC commissioner Dan Berkvitz, and FIAconnect founder Walt Lukken are among the other witnesses put to the stand.

Grewal provided a summary of the key points of his own evidence in a post on Twitter on June 5.

“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 publicly state that he agrees with the planned crypto legislation, calling it “a strong step forward in providing overdue regulatory clarity.”

source