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Congress schedules hearing on FTX’s proposal for disintermediation

Crypto exchange FTX will be the subject of a Congressional hearing next week.  On May 5, the House Agriculture Committee scheduled a hearing for May 12 entitled “Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models.” The Commodity Futures Trading Commission, which the Agriculture Committee oversees, is currently reviewing a proposal from FTX that would disintermediate derivatives trading, among other changes to the cryptocurrency trading platform. FTX says the proposal would reduce friction and free up capital, …

As it weighs FTX proposal, CFTC announces a roundtable on disintermediation

The Commodity Futures Trading Commission will hold a public discussion on disintermediation next month, with a proposal from crypto exchange FTX looming large.  The CFTC announced the May 25 roundtable on Wednesday. CoinDesk’s Jesse Hamilton broke the news of the discussion last week. Critical to the roundtable is the role of futures commission merchants, which FTX is proposing to do away with via its proposed model for clearing derivatives. The elimination of FCMs would streamline trading by reducing the number …

Congressman Emmer preps bill to put some stablecoins under the SEC’s authority

Representative Tom Emmer (R-MN) is preparing legislation addressing dividend-producing stablecoins, The Block has learned. A discussion draft of a bill obtained by The Block would allow “stablecoins that include a dividend component” to register under the Securities and Exchange Commission. More specifically, that term means: “a stablecoin that distributes all or part of the income made from the investment of the assets backing the stablecoin to the holders of the stablecoin.” It is The Block’s understanding that this definition is …

FTX derivatives proposal takes center stage at Congressional hearing with CFTC chairman

A leader of US financial regulation has defended his agency’s work with crypto exchange FTX in a Congressional hearing, which will apparently be the subject of yet another hearing in May.  Rostin Behnam, the chairman of the Commodity Futures Trading Commission, appeared before the House Agriculture Committee on March 31 in a hearing entitled “The State of the CFTC.” In a notable moment, committee chairman David Scott (D-GA) said he was “very concerned” about “a proposal pending at the CFTC …

SEC chair Gensler pitches his crypto vision at exclusive House Democrat event

Gary Gensler, chairman of the Securities and Exchange Commission, is continuing to pitch lawmakers on his vision for crypto oversight out of the public eye. Gensler addressed Democrats of the House Financial Services Committee on February 15. The call took place during an annual retreat for Democratic members and legislative staff.  The Block obtained an agenda for the event as well as detailed notes from the discussion with Gensler that were prepared by an attendee.  According to the notes, Gensler’s …

As Congress weighs stablecoins, Tether emerges as a regulatory boogeyman

As Congress mulls new stablecoin laws, members clearly want to keep anything like the stablecoin Tether from cropping up again. For context, the House Financial Services Committee and the Senate Banking Committee have been hosting Treasury undersecretary Nellie Liang’s testimony on stablecoins. The two hearings — one this week, one next — come as a follow-up to a report on stablecoins from the President’s Working Group on Financial Markets, a report that Liang spearheaded.  The PWG report specifically focused on …

Congress announces hearing on crypto’s energy use and environmental impact

Congress is officially looking into the environmental impact of blockchain, especially proof-of-work networks like Bitcoin.  On January 13, the House Energy and Commerce Oversight Subcommittee publicized a hearing entitled “Cleaning up cryptocurrency: The energy impact of blockchains” for January 20, confirming The Block’s reporting from last week.  No witness list is yet available, and staffers for the subcommittee did not respond to The Block’s request for further details. The hearing follows on growing concern over the rise of the crypto …

What we learned at Congress’ much-anticipated summit of crypto execs

On Wednesday, Congress hosted a much-anticipated hearing with six senior executives from leading crypto firms.  Interest in the hearing was large enough that the House Financial Services Committee’s stream was initially in the five digits for viewership. As the hearing extended to nearly five hours, viewership declined. Nonetheless, it was a significant, public moment for the crypto industry.  “This is the first cryptocurrency hearing this committee has had in 13 years [since the Bitcoin whitepaper],” the committee’s leading Republican, Patrick …

What to expect at Wednesday’s hearing on crypto before Congress

Quick Take The House Financial Services Committee will hear testimony from executives from six major players in U.S. crypto tomorrow.  The Block takes a look at the significance of the hearing, as well as the committee’s priorities for crypto legislation.  This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.

Congress to hold hearing with execs from Coinbase, FTX, Paxos and others

On December 1, Maxine Waters, who chairs the House Financial Services Committee, announced the witness list to a hearing on cryptocurrencies, which will be heavy on executives from leading U.S. crypto firms. Scheduled for December 8, the hearing is entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” The witnesses are CEOs from leading crypto firms: Circle’s Jeremy Allaire, FTX’s Sam Bankman-Fried, Bitfury’s Brian Brooks, Paxos’ Chad Cascarilla, Stellar’s …