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US Senate Banking to Hold on Crypto Regulation for Next Week

By Tyler Smith – Crypto Investor

Yesterday, the United States Senate Banking Committee held a large debate on cryptocurrency and blockchain regulatory frameworks, all to ensure the protection of the consumers when buying and selling Bitcoin and other cryptocurrencies.

An official announcement from the committee said the hearing - termed as “Examining Regulatory Frameworks for Digital Currencies and Blockchain” which commence on the 30th July.

The witnesses that attended the hearing include Rebecca M. Nelson, a specialist in International Trade and Finance at “Congress’s think tank”; Professor of Law Mehrsa Baradaran, from the Irvine School of Law at the University of California; and Jeremy Allaire, co-founder and CEO of payments company Circle, who will represented The Blockchain Association.

All witnesses have a strong affiliation to the space and could advise on the best solutions to regulate those that buy and sell cryptocurrency along with the developers of blockchains.

This announcement comes right after the proceedings before congressional committees on Facebook’s crypto project Libra earlier this month. As per the report, the Banking Committee of the US Senate lamented Facebook’s Libra citing concerns on trust, regulatory compliance, and privacy.

After the Banking Committee Hearing, Ranking Member Sherrod Brown and Chairman Mike Crapo shared more thoughts about their concerns. Crapo at the time said:

“We've got to look at how we structure data protection in the United States. We need to move to a comprehensive approach” expressing privacy as a main concern.

Personal financial information is sensitive to a user and can be abused by a bad actor. Many that sell and buy crypto understand this information is freely available but anonymous.

During the hearing that was held at the US House Financial Services Committee the day after, a House representative asked CEO of Facebook’s planned Calibra wallet service, David Marcus, on how lawmakers can expect to trust a company whose storage, collection, as well as mishandling of customer data, could slap itself with a $5 billion penalty.

Many may be interest to buy cryptocurrency native to Libra’s blockchain, but still voice concerns from the privacy scandal.

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