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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

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

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.

See:  Industry Thinks Feds Are Trying to Kill Crypto, White House Denies It

  • 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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NCFA Jan 2018 resize - Kraken, Web3 Foundation, Republic Crypto to Testify in Front of House Subcommittee on Digital Assets Financial Inclusion and Regulatory GapsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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