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2 House Committees To Host Cryptocurrency Hearings Wednesday

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The stage is set for two U.S. House Committee hearings on cryptocurrency Wednesday.

The public hearings on Capitol Hill are hosted by House Committee on Agriculture and the Financial Policy Subcommittee.

The subject of hearing in the House Committee on Agriculture is "Cryptocurrencies: Oversight of New Assets in the Digital Age."

Committee Chairman K. Michael Conaway said this hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class. "Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology," he said in a statement.

Former JPMorgan blockchain lead and current CEO of Clovyr Amber Baldet; former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler; Andreessen Horowitz managing partner Scott Kupor; Daniel Gorfine, Director, LabCFTC and Chief Innovation Officer, CFTC; Lowell Ness, Managing Partner, Perkins Coie LLP; and Prof. Joshua Fairfield are scheduled to testify today.

The second hearing entitled "The Future of Money: Digital Currency" will examine the extent to which the US government should consider cryptocurrencies as money, and the potential domestic and global uses for cryptocurrencies. The Subcommittee will evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash.

Rodney J. Garratt, who is professor of Economics in the University of California and member of Blockchain Industries' Advisory Board; Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation; Dr. Eswar S. Prasad, who is Senior Professor of Trade Policy, Cornell University; and Alex J. Pollock, Distinguished Senior Fellow at R Street Institute, will testify.

Both the hearings will be streamed live.

Congressional committees have already discussed the subject a couple of times this year.

In a hearing on initial coin offerings in March, lawmakers argued for greater protections while Rep. Tom Emmer called for more regulatory control.

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