The Senate Committee on Banking, Housing, and Urban Affairs Demonstrates a Commitment to Providing Clear Crypto Market Regulations. Dylan Unruh, Dartmouth College.
On July 9, the Senate Committee on Banking, Housing, and Urban Affairs hosted a panel on cryptocurrency market structure. In a discussion of providing clarity, the shared sentiment that uncertainty is putting America at a disadvantage on the global stage was glaring. Almost every senator affirmed that the previous ambiguity that has historically characterized crypto regulation was driving away innovation to countries such as Singapore and the UAE. From this central tenet, three major topics emerged: the role of Congress in regulating crypto, the prevalence of illicit activity, and the conflicts of interest. Congress’s Role There was no denial from the committee that the current securities laws and the Howey Test did not properly fit cryptocurrency. Thus, the majority of the questions stemmed from the desire to establish clearer regulations to promote innovation while protecting consumers and investors from fraud. Panelist Timothy Massad offered a well-received suggestion that Cong...