U.S. Congress to Hold Hearing on Digital Currencies and ICOs

Given the rising interest in digital currencies and Initial Coin Offerings, it is understandable that government agencies are keeping a close watch on state of the market. According to recent reports, a subcommittee associated with the U.S. House of Representatives, will be holding a hearing on ICOs and cryptocurrencies on the 14th of March.

The notice was initially posted on the Capital Markets, Securities and Investment Committee website, where it was written that a hearing entitled ‘Examining the cryptocurrency and ICO markets’ will be held shortly.

According to a statement from Tom Emmer, it is expected that the hearing will mostly be for educational purposes, rather than looking for other means of regulation. Based on this, the main objective will be to provide subcommittee members with more information on the latest trends, challenges and risks associated with the two markets. Not only this, but Emmer also mentioned that there has been an increasing interest among committee members, who wish to learn more about the technology alongside its potential use cases.

It is important to point out the fact that not long ago, another hearing was held in the Senate Committee for Banking, Housing and Urban Affairs, where the U.S. Securities and Exchange Commission, known as the SEC, but also the Commodity Futures Trading Commission (CTFC), participated and shared more insight on the market.

While the hearing may be educational, it does open up discussions regarding the position the state should have when it comes down to digital currencies. However, it has been noted that the House of Representatives wishes to find ways of regulating the markets that do not hinder innovation and profitability of fintech companies and other financial institutions, involved in the crypto market.

Based on everything that has been outlined so far, it is not expected that this hearing will pave the way for legislative changes that would affect the crypto economy. Rather, it is believed that the digital currency community can be better off, if the executive and legislative powers understand what crypto stands for, and how it works.