Witnesses and house members discuss the course of crypto

  • US House committee discusses the pros and cons of cryptocurrency adoption in the country
  • Witnesses are being called by the regulators to review the road of crypto’s future in the economy
  • Committee members have differing opinions regarding cryptocurrency and blockchain technology

The United States of America has always been a pro crypto nation with its leaders also warming up to the idea of cryptocurrency and other digital assets. Fintech has become an emerging industry in the country and is growing day by day. Digital finance is an evolution and as it is expanding, the platforms and methodology of such systems are also developing. Being a volatile market, crypto currency trading platforms and exchanges are also as volatile as the coins. The United States House committee reviewed the risks associated with cryptocurrency and a hearing on regulations was held. 

US House committee holds a meeting to review financial services in cryptocurrency

The US House Committee held a meeting on 30th June regarding financial services to discuss the risks involved with cryptocurrency and also held a panel of witnesses to address crypto regulation in the United States. Blockchain technology has a lot of opportunities and risks. Witnesses were invited by the subcommittee and investigators to testify before congress. A panel discussion on the rewards and risks associated with crypto was held by the committee in order to decipher the future of crypto in the United States. 

A ranking member of the House Financial Services, Rep. Brad Sherman (D-MN), disagrees with the idea of safety in cryptocurrency investment and was not very keen on it being a retiring savings income. Sherman explains how if one out of ten people is profiting, the other nine investors are drowning in huge losses and platforms like Coinbase are gaining either way. Cryptocurrency is not a viable retirement plan according to Sherman and he believes a California lottery to be more safe and lucky than crypto investments. 

Not all house members are against crypto as a retirement plan

The States is a crucial element in the overall development and growth of cryptocurrency. According to a member of the House financial services, if one wants to invest then the equity market is the correct space, however, if one wants to bet, then crypto can be the perfect space for them. The equity investments not only ensure a range of protection but also build the American corporates. 

ANother panelist raised concerns regarding the hurdles faced by crypto entrepreneurs which was leading to a lack of growth of the economy because of the steering regulations. Rep. Tom Emmer (R-MN), believes in the power of blockchain innovators and wants the regulators to ease down the rules so that such creators can invent the future in the United States. 

Not all legislators are against crypto. In an interview, U.S. Senator Cynthia Lummis (R-WY) talks about how she hopes to see bitcoin as a normal part of the retirement investment portfolio.

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