The parliamentary banking committee of the US Senate (similar to the German Federal Council) intends to hold a general debate in the coming weeks on the regulation of blockchain and cryptocurrencies. According to an official announcement, the meeting is scheduled to run under the Digital Currency and Blockchain Regulatory Framework Review, with a first date scheduled for July 30.
Outside participants will be Jeremy Allaire, co-founder and CEO of Circle, who will speak on behalf of the Blockchain Association, Rebecca M. Nelson, a parliamentary finance expert, and Law professor Mehrsa Baradaran of the University of California.
The session will also be broadcast live.
Libra raises major privacy concerns
The debate on the parliamentary debate is most likely due to the political turmoil surrounding the Facebook cryptocurrency Libra, which hit high waves in Washington this month. Accordingly, the US Senate Banking Committee has been very busy with the project, which is why a broader discussion of the topic seems logical.
Mike Crapo, Chairman of the Banking Committee, emphasized in this regard that consumer privacy is a top priority, which is why policymakers are forced to rethink:
“We need to look at how we handle privacy in the US […]. We need a comprehensive approach, but I do not know yet how it looks like. “
Also in the US Congress (similar to the German Bundestag) Facebook was questioned to Libra, with the MEPs also expressed criticism of the project. Special attention was paid to the playful credibility of the social media group, which has often violated the interests of its users in the past.