- The U.S. House Financial Services Committee will hold a series of hearings in September focused on DeFi, SEC oversight, and “pig slaughter” scams.
- Additionally, this important hearing will see all five members of the SEC Committee, including Gary Gensler, appear before the House Committee.
The U.S. House Financial Services Committee is preparing for a series of major hearings that could shape the future of the cryptocurrency industry. The committee has scheduled hearings in September to examine decentralized finance (DeFi), the Securities and Exchange Commission’s oversight of cryptocurrencies, and growing concerns about “pig slaughter” scams.
For more on these hearings, the first is scheduled for September 10 and will focus on DeFi, an area that has garnered considerable attention. DeFi, which allows investors to engage in financial transactions without intermediaries, is growing at a rapid pace. Federal agencies, including the SEC and IRS, have proposed rules that could have far-reaching implications for DeFi projects.
It is worth noting that the industry has even captured the attention of Donald Trump, the Republican Party’s candidate for this year’s presidential election.
Back to the original point, two hearings are scheduled for September 18, making it a jam-packed day. The morning session will allow the committee to examine the SEC’s enforcement practices. Given the agency’s heavy-handed tactics toward cryptocurrency companies, this topic has garnered increased attention.
Later today, the committee will turn its attention to a growing type of scam. Pig skinning is on the rise, with billions of dollars in cryptocurrency transferred to illicit accounts since the beginning of the year. Pig skinning is a practice where scammers pose as romantic partners to defraud individuals of their digital assets. As the digital landscape continues to expand, so does the need for consumer protection.
The most important hearing, however, could take place on September 23. This time, Gary Gensler will be hosting the hearing. The SEC chairman and one of the key figures, Gary Gensler, is expected to face intense scrutiny.
The cryptocurrency community is eagerly awaiting his testimony, as it would be a focal point, as his role as a senior official in overseeing digital assets has proven to be a controversial topic. Additionally, there has been much backlash, believing that the agency’s current approach is too aggressive.
This important hearing will see all five members of the SEC Committee, including Gary Gensler, appear before the House committee. This appearance is not only to question the SEC on its current regulatory stance, but also to discuss possible legislation that could change the agency’s stance on digital assets. Interestingly, some members of Congress are pushing for a transfer of authority from the SEC to the Commodity Futures Trading Commission (CFTC).
The regulatory tug-of-war over cryptocurrencies has been a long-running debate, with the SEC and CFTC squabbling over jurisdiction based on whether tokens are classified as securities or commodities.
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