The U.S. House of Representatives Financial Services Committee has scheduled a hearing to shed light on the digital asset ecosystem and discuss the future of cryptocurrencies in the country. The Committee Chairman, Representative Patrick McHenry, announced this decision on June 6, 2023, via the Committee’s Twitter handle.
#NEW: Chairman @PatrickMcHenry announces a hearing on the future of the digital asset ecosystem and Congress’ efforts to provide clear rules of the road.
Read more 🔗https://t.co/HwaPWBjJqG
— Financial Services GOP (@FinancialCmte) June 6, 2023
The hearing, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” will take place on June 13, 2023, by 2:00 p.m. Eastern Time. All committee members will be present, and the event will be live-streamed on the committee’s website for broader accessibility.
The Financial Services Committee plays a vital role in overseeing various aspects of the nation’s economy, including individual reserve banks, the Federal Reserve Board, the United States Treasury, capital markets, and currency production and distribution.
While the committee has not disclosed specific details about the hearing’s agenda, members of the cryptocurrency community are eager for it to address key concerns within the industry. One Twitter user, @Gdeman_, urged the committee to closely monitor SEC Chair Gary Gensler, alleging that Gensler has disregarded previous hearings and shown indifference towards public opinions and actions. The user emphasized Gensler’s current authority and called for decisive action from senators who believe in justice.
Dear senators, show us action if you believe in justice. @GaryGensler is completely disregarding everything you talked about in previous hearings and is basically saying he doesn’t care what you say or do. At this point in time, it feels like Gensler has more power than Senate.
— Gdee (@Gdemen_) June 6, 2023
Another Twitter user, @CryptoKrush, stressed the importance of scrutinizing any potential misconduct by Gary Gensler, specifically regarding his involvement with FTX and alleged efforts to stifle the cryptocurrency industry in the United States.
need to investigate Gary Gensler’s wrong doing with FTX and his weaponization of killing crypto industry in the US>
— Jaycrypto 🛡️ (@CryptoKrush) June 6, 2023
This recent development comes on the heels of a joint effort by U.S. Congressmen Brad Sherman and Stephen Lynch to address tax compliance issues in the U.S. cryptocurrency sector. The U.S. Congressmen wrote a letter urging the U.S. Treasury and the Internal Revenue Service (IRS) to establish comprehensive tax regulations for the cryptocurrency industry.
Their letter highlighted the urgent need to address tax compliance issues in the crypto sector and recommended swift implementation of the proposed regulations to close the observed tax gap in the cryptocurrency industry.
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