Coinbase, CFTC, Robinhood to testify before Congress over new crypto bill

The cryptocurrency market continues to see regulatory actions. United States watchdogs proposed a functional framework to oversee Bitcoin and cryptocurrency business in the nation. The new bill comes after the crypto space saw impressive pumps in 2023, adding $350B to the overall market capitalization.

Coinbase, CFTC, and Robinhood to testify over proposed crypto bill

The latest developments reveal that Robinhood, Coinbase, and CFTC representatives will testify before Congress on 6 June to debate the draft cryptocurrency bill.

Tomorrow I will be testifying on Capitol Hill before the House Committee on Agriculture on the need for clear crypto rules and the Digital Asset Market Structure Discussion Draft. Read a summary of my testimony here/below:https://t.co/V4vTo0OT6L

— Paul Grewal (@iampaulgrewal) June 5, 2023

Coinbase Chief Legal Officer Paul Grewal believes cryptocurrency solves real-world challenges, and a clear path is essential to support innovation. Also, he added that Congress should draw clear boundaries in crypto and the underlying technology.

The boundaries need to clarify when regulators should treat digital currencies as securities or commodities and when crypto regulation would not be applicable. Grewal trusts the new bill is a massive forward step and a thoughtful effort, urging regulators to act on the bill asap.

Moreover, CFTC Chairman Rosting Behnam revealed he would testify on Capitol Hill to share views on the draft crypto bill – released on 2 June.

Crypto under regulatory fire

The cryptocurrency industry remains under regulatory fire. The latest updates reveal the SEC has sued Binance Exchange, stating that the leading trading company violated securities rules. The news saw cryptocurrency prices tumbling substantially over the past day. Binance’s BNB lost over 10% to $277 at press time.

Binance’s attack comes after invezz.com reported that the exchange’s CEO, CZ, was about to surrender leadership roles amidst increased regulatory scrutiny.