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"Examining the Cryptocurrencies and ICO Markets"; The House Goes Crypto

Today at 10 am, the House held the much-anticipated hearing about cryptos and ICOs titled “Examining the Cryptocurrencies and ICO Markets”. Representants of some of the most important crypto related companies and exchanges assisted to the Senate to discuss the present and future of cryptocurrency regulation.
The panelists from the crypto related world were Mike Lempres, Chief Legal and Risk Officer at Coinbase, Dr. Chris Brummer, Professor of Law at Georgetown University Law Center, Robert Rosenblum of Wilson, Sonsini, Goodrich, & Rosati, and Peter Van Valkenburgh, Director of Research at Coin Center. Apart from some oddballs thrown from one of the subcommittee chairs (claiming that the whole crypto movement was a “crock”, and calling crypto enthusiasts unemployed men in pajamas) the hearing went in the expected direction.
The need for regulation (or clarification, as one member of the subcommittee, said) was the common opinion amongst subcommittee members and panelists, with divergence in opinions.  Some think that cryptocurrencies must be regulated ASAP by the Senate, to protect investors money and assets. Rep. Maloney sides with those.
Some, like Rep. Tom Emmer, think that regulation is already there for all these crypto assets, and there has to be some kind of clarification on the considerations for it. He believes that there has to be a balanced approach to this, to not drown the market with requirements and hamper innovation.
When the hearing finished, there still was no clear idea of what approach will be taken by lawmakers to legislate about the issue at hand. Furthermore, there is too much to study, and Rep. Huizenga, who directed the hearing, foreshadowed that more hearings would be held. “This is more a hello than a goodbye”, he said at the end.
Clearly, this hearing marks the beginning of an initiative to regulate cryptocurrency related industries and ICOs, protecting investors and entrepreneurs both. And we believe that this will be a good thing for the market ultimately. The full hearing can be watched here.

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