The Senate Banking Committee held a hearing on cryptocurrency and financial system safeguards, with Chairman Sherrod Brown leading the discussion.
- The hearing was mostly skeptical, with criticism directed towards SEC Chair Gary Gensler and other regulators.
- The Senators asked questions about the risks of cryptocurrency, consumer protection, and what Congress could do about it.
- The speakers included academics who have looked into the industry, with Professor Yeshiara from Vanderbilt being the pro-crypto voice on the panel, Lee Rayners from Duke being skeptical, and Linda Jang from Georgetown being part of the Crypto Council for Innovation.
- The purpose of the hearing seemed to be a fact-finding mission, and it is unclear whether the Senate will act on the information from the hearing.
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CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the key takeaways from Tuesday’s Senate Banking Committee hearing called ”Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”
