Kraken, Web3 Foundation, Republic Crypto to Testify in Front of House Subcommittee on Digital Assets Financial Inclusion and Regulatory Gaps

Crowdfund Insider | JD Alois | May 8, 2023

Last week, the House Subcommittee on Digital Assets, Financial Technology, and Inclusion announced a joint hearing with the Agriculture Subcommittee on digital assets, titled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets.”

• The hearing, scheduled for Wednesday, May 10, 2023, at 9:30 AM ET, will feature notable witnesses and will be live-streamed on the Committee website.
• The House Subcommittee hearing on digital assets will feature witnesses from Republic Crypto, Kraken Digital Asset Exchange, and Web3 Foundation, among others.

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• The discussion aims to address the inconsistent classification of digital assets as securities or commodities by the SEC and CFTC, which has created regulatory uncertainty.
  • The hearing memo highlights the Howey Test, which is used to determine if an asset is a security, and notes contradictions between federal and state regulators’ interpretations.
  • The current legislation related to the hearing, the Resolution Expressing Support for Blockchain Technology and Digital Assets, acknowledges the need for Congress to create a consistent regulatory framework for digital assets and determine oversight rules.

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• Source: https://ncfacanada.org/kraken-web3-foundation-republic-crypto-to-testify-in-front-of-house-subcommittee-on-digital-assets-financial-inclusion-and-regulatory-gaps/