Cryptocurrency us senate hearing
Public hearings in Ottawa and a fact-finding trip in New York City enabled Senators to explore the potential uses for these currencies, and to learn about the opportunities, the risks and challenges resulting from the use of digital currencies and their technologies.
Who did the Committee hear from during the study? During the study, Senators heard from 55 witnesses, including representatives from federal departments and agencies, the Bank of Canada, law enforcement entities, provincial securities regulators, the financial services sector, digital currency-related businesses, trade associations, a charity, money services businesses and payment card operators.
They also heard from academics, lawyers, and individuals who participate in the digital currency sector. What did the Committee learn? The use of cryptocurrencies has resulted in a range of opportunities, including: Using blockchain technology to allow individuals to control and manage their security and online identity; Reducing the need for intermediaries in the payments system that enables lower transaction costs; and The potential to bring financial services to developing countries.
Republicans are especially concerned about a draft SEC rule requiring public companies to disclose climate-related risks, including greenhouse gas emissions. Corporate groups say it is onerous and exceeds the agency's authority. He also warned that the SEC should be "nervous" about legal challenges in light of a recent Supreme Court decision to curb the Environmental Protection Agency's power, which some legal experts say undermines the SEC's authority on its climate rule.
Senator from Montana, also raised concerns about the potential impact of the climate rule on small business owners like farmers who could be ensnared by its requirement for public companies to disclose emissions in their supply chains. But Gensler, in his testimony, said the rule would provide needed clarity and consistency to an issue important to investors and being disclosed by some companies under disparate frameworks, and later added the agency was considering all feedback.
Gensler made headlines last week when he said crypto companies may need multiple SEC registrations and split their operations into separate legal entities. He added that SEC staff was working with traditional market intermediaries interested in entering the crypto market, and urged Congress to not inadvertently undermine existing investor protections while crafting cryptocurrency legislation.
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Cryptocurrency us senate hearing london 240 forex webinar
Senate Banking Committee Holds Hearing on Crypto - Oct. 11, 2018