US Congress Plans to Hold A Hearing for Digital Currencies
Recently the US Congress scheduled a new sitting on hearing about digital currencies. This hearing will majorly focus on the local and global ways to approach digital currencies. This meeting will be taking place on March 24.
The host of the hearing will be the House committees that focus on Financial Services, with the specific subcommittee tasked for that being the subcommittee on National security, international development, and monetary policy.
This is not the first hearing of the kind; several others took place in the past time discussing the Stablecoin project by Facebook and other digital assets.
In one of those hearings, Mark Zuckerberg faced Congress to testify and defend the Facebook stablecoin project; However, to date, Congress hasn’t yet released any further information about the hearing, Congress has also not released the witnesses list and the aspects of a potential inquiry.
One possible topic for discussion during this future hearing and the foremost is probably Facebook’s Stablecoin Libra. Libra is scheduled to be released by the end of this year. The chair of the subcommittee is Rep. Emmanuel.
Steven Mnuchin, the Treasury secretary in the US, states that FinCEN is bracing to release new requirements for the US crypto markets. It’s quite clear that most nations are adopting stricter crypto regulations globally, as the FATF guidelines.
Steven notes the Financial agency’s resolution is ensuring that the technology advances, the security remains intact. He said that cryptocurrencies are not supposed to be used as equals of secret bank accounts found in Swiss.