- U.S Congress Financial Services department interiens deep into crypto space.
- A gathering of law makers and crypto people, CEOs of various top crypto firms discussed constructiveness towards crypto space.
- New laws in favour of crypto will be out soon.
They say with the passage of time, time will heal everything. True to the words, as crypto is currently the era in the present and there’s no doubt absolutely it’s also for the future. In such terms, the U.S Congress committee terms switch over it’s myths and beliefs and in turn tends to become broader with the cryptocurrency industry.
It’s well known that the U.S House Committee on Financial Services were actually against the crypto industry since the beginning. They focused more on the value of their fiat and legal tenders than on the cryptocurrency.
In addition, they believed that with intervention of the cryptocurrency taking over the banks and conventional dollar, will disrupt the economy. However, at present with over time, crypto has indeed proved that it is the vice versa.
Moreover, at recent times slowly all laws against crypto and those constraining crypto insurty and exchanges are actually being let free one by one.
The Gathering and Hearing
The U.S House Committee on Financial Services in an aspect to discuss regarding the overwhelming influence of the crypto industry devised the event named “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” . In addition, the event took place just a few days back.
And so, the event title itself portrayed a positive sign for the crypto space from the U.S Congress and the law-makers.
Furthermore, the Financial Services Committee Chair, Maxine Waters, centered the hearing. The hearing witnessed on one side, prominent people in the crypto industry, majorly CEOs of top crypto firms. On the other side, were several law-makers, who could be subdivided personally as those in favour of crypto and those against it.
In addition, the hearing was focused primarily on crypto exchanges, how the stable coins could be made stronger and much more. Also, the discussions went on to ways in which digital assets could be regulated.
Discussion upon Decentralized Finance (DeFi) also took place seriously. With such profuse developments, it seems that indeed the U.S Congress will be soulfully accepting cryptocurrency and start focusing on developing the industry, playing their part in it too.
Also, new laws and loosened up old regulations will be out officially soon, all in favour of the crypto space.