Yesterday, Sept. 24, Cointelegraph reported from the United States House Financial Services hearing with the chairman and four commissioners of the Securities and Exchange Commission (SEC). The hearing was informational and touched on a number of issues that have been plaguing the conversation in the U.S. about regulating cryptocurrencies — a conversation that the release of Facebook’s white paper for Libra in June amplified significantly. Congressional attitudes: A study in contrasts The range of attitudes on display yesterday among members of the Financial Services Committee was broad. Brad Sherman — who coined the term “Zuck Buck” back in July — …

Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra. Meetings with multiple agencies According to an official statement from Representative Maxine Waters published on Aug. 25, members of the U.S. House of Representatives Financial Services Committee met with multiple regulatory agencies and lawmakers. These included the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, and the Financial Market Supervisory Authority. As announced earlier this month, the representatives aimed to clarify how various Swiss authorities would regulate Libra and learn more …

The Congressional Research Service has released a report that examines, among other things, the potential advantages and disadvantages of pursuing blockchain-based solutions for the energy sector. The Congressional Research Service released their findings in a report on Aug. 9, entitled “Bitcoin, Blockchain, and the Energy Sector.” In its report, the research group noted that launching a blockchain solution which allows consumers to purchase energy services within a distributed system, in particular, could make for an energy system that is more transparent, efficient and flexible for the consumer. However, releasing such a service also comes with potential issues related to distribution …

A senior policy analyst at investment banking corporation Cowen, Jaret Seiberg, said that Walmart’s proposed digital coin should not face as much regulatory pushback as Libra, Facebook’s proposed virtual currency. As Bloomberg reports on Aug. 5, Seiberg also added that Walmart’s crypto may have a demographic appeal to Democratic legislators who are keen to find an alternative financial infrastructure for people who do not regularly use banks. According to Seiberg, Libra and Walmart’s crypto proposal differ in scale. Seiberg comments that Facebook has global intentions which do not appear to be shared by Walmart. Possible regulatory hangups However, Seiberg noted …

On July 30, the United States Committee on Banking, Housing and Urban Affairs hosted a hearing on cryptocurrencies in a regulatory context. Lawmakers are showing renewed interest in digital currencies against the backdrop of Facebook’s crypto odyssey: This week’s testimony followed two Libra-focused hearings, which were held in Congress earlier in the month. Indeed, while the recent session’s scope was meant to be broader, Libra remained one of the key topics. The main consensus was that the influx of cryptocurrencies and blockchain is inevitable and that the U.S. would prefer to be a leader in this sector. Here are the …

Today, on July 30, United States lawmakers will once again gather to debate cryptocurrency and blockchain policy in a hearing dubbed “Examining Regulatory Frameworks for Digital Currencies and Blockchain.” The hearing is scheduled for 10 a.m. EST and will be broadcast live. This time, the U.S. Senate Banking Committee is planning to hold a broader discussion on crypto following the intense, Libra-focused testimony earlier this month. The witness panel will be represented by Jeremy Allaire, co-founder and CEO of payments company Circle, who will speak on behalf of the Blockchain Association; Rebecca M. Nelson, a specialist in international trade and …

In a prepared statement for today’s United States Senate’s crypto hearing by international lawyer Mehrsa Baradaran, she suggests that cryptos are not the solution for financial inclusion and equity in banking. Policy, not technology is the solution In her statement, published on the Senate’s website, Baradaran explains that the issues of inequality and inefficiency in finance that Bitcoin (BTC) and other cryptocurrencies are trying to solve should be resolved through policy, not technology. She explains that such issues should be addressed “in this chamber, and not in a tech startup office or anonymous white paper.” She concludes: “While I share …

Circle co-founder and CEO Jeremy Allaire is scheduled to testify before congress tomorrow as a representative of The Blockchain Association — a business organization comprised of blockchain industry advocates. Allaire will testify before the Senate Committee on Banking, Housing and Urban Affairs in an open session hearing called “Examining Regulatory Frameworks for Digital Currencies and Blockchain.” In his prepared testimony released on July 29, Allaire is prepared to discuss a number of relevant issues, including identity, privacy, data security, domestic and international approaches to regulation, as well as the potential of blockchain solutions for finance in the near future. Allaire …

Blockchain payment network Ripple signed an open letter to United States regulators on July 28 ahead of fresh hearings on cryptocurrency regulation this week. In the wake of mixed feelings from Congress on both Facebook’s Libra digital currency and crypto more broadly, Ripple CEO Brad Garlinghouse appealed to Washington to be lenient in its future approach. The letter, which follows other recent concerns from Garlinghouse, begins: “Many in the blockchain and digital currency industry are responsible actors. We are responsible to U.S. and international law. We are responsible to serving the greater good.” Ripple is the company behind the altcoin …

Among all the issues cropping up in Facebook's recent hearing in the United States Congress regarding its new Libra cryptocurrency, the matter of location was perhaps the thorniest. Testifying before various banking and financial committees, Libra co-creator David Marcus was repeatedly questioned as to why Facebook had decided to establish the subsidiary behind its newfangled stablecoin in Switzerland rather than good ol' America. Reps. Patrick McHenry, Josh Gottheimer and Bill Huizenga, for instance, all asked queries touching on the decision to set up abroad, insinuating in the process that Facebook is aiming to avoid American regulations and oversight, and inadvertently …

The United States Senate Banking Committee is set to hold a broader debate on crypto and blockchain regulatory frameworks next week. An official committee announcement indicates the hearing — entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain” — will take place on July 30. The planned witnesses will be Jeremy Allaire, co-founder and CEO of payments company Circle, who will speak on behalf of The Blockchain Association; Rebecca M. Nelson, a specialist in International Trade and Finance at “Congress’s think tank,” the Congressional Research Service; and Professor of Law Mehrsa Baradaran, from the Irvine School of Law at the …

A United States Democratic congressman has claimed “Mark Zuckerberg is sending a friend request to oligarchs, drug dealers, human traffickers and terrorists” by launching Facebook’s Libra cryptocurrency. In a combative tweet on July 17, Brad Sherman described Libra as the “Zuck Buck” and he accused the Facebook CEO of deliberately attempting to circumvent America’s anti-money laundering laws. Sherman’s post was accompanied by a mock Facebook screenshot that showed Zuckerberg sending drug kingpin Joaquin “El Chapo” Guzman a friend request. Underneath, the billionaire’s other friends are listed as the Palestinian group Hamas (which the U.S. and the EU designate as a …