06.12.2019

US Congress to Discuss ICOs in Hearing Next Week

A subcommittee of the U.S. House of Representatives Financial Services Committee is set to hold a hearing next week on cryptocurrencies and initial coin offerings (ICOs).

A notice posted on the committee’s website states that the Capital Markets, Securities, and Investment Subcommittee hearing – entitled “Examining the Cryptocurrencies and ICO Markets” – is scheduled for March 14 at 10 a.m. EST.

Speaking to CoinDesk on the sidelines of this week’s DC Blockchain Summit, U.S. Representative Tom Emmer – a member of the subcommittee – suggested that the hearing would largely be educational in nature, aimed at providing members with more information about the market for cryptocurrencies and token sales.

He also indicated that, amongst Financial Services Committee members, there’s a growing interest in learning more about the subject and the implications of the tech’s use in areas like remittances.

The hearing represents the latest Congressional foray into the world of cryptocurrencies, coming more than a month after the Senate Committee on Banking, Housing and Urban Affairs held a major hearing on the topic that included testimony from Securities and Exchange Commission (SEC) chairman Jay Clayton and Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo. At that hearing, the two notably indicated that their respective agencies could ultimately seek additional oversight powers over the market.

As of press time, no further details have been published regarding the hearing. An agenda outlining the scope of the hearing, as well as who is set to appear as witnesses, is forthcoming, officials said.

Capitol Hill image via Shutterstock

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