Representatives from Coinbase, Robinhood, and the United States commodities regulator are scheduled to testify before Congress on June 6. The focus of the hearing will be a newly proposed crypto bill, which aims to classify certain crypto tokens as digital commodities.
Coinbase’s Chief Legal Officer, Paul Grewal, expressed his excitement about sharing Coinbase’s views on the bill during his testimony before the House Committee on Agriculture.
Additional witnesses, including former CFTC chair Chris Giancarlo, former CFTC commissioner Dan Berkvitz, and FIAconnect founder Walt Lukken, will also be called to testify. Grewal took to Twitter to outline the main points he intends to address during his testimony.
He emphasized the need for the United States to catch up with other markets in the crypto sector and develop clear rules and regulations that foster innovation while safeguarding jobs, investment, and technological leadership.
Grewal voiced his support for the proposed crypto bill, considering it a positive step toward providing regulatory clarity. The bill, known as the Digital Asset Market Structure Discussion Draft, was released on June 2.
Republican congressmen Patrick McHenry and Glenn Thompson initiated the bill, aiming to establish a statutory framework for digital asset regulation that promotes innovation while ensuring consumer protection.
Coinbase has long advocated for more precise regulatory guidelines in the crypto sector. The timing of the congressional testimony is notable, coming shortly after the US Securities and Exchange Commission (SEC) filed 13 charges against rival exchange Binance.
Grewal praised the Discussion Draft for building upon existing regulatory frameworks while acknowledging the unique properties and opportunities of digital assets.
In his summary, Grewal stressed that digital assets do not neatly fit into existing regulatory categories, highlighting the need for a comprehensive regulatory framework.
With over 20 percent of Americans owning and using cryptocurrencies, Grewal emphasized the importance of protecting consumers while enabling the continued growth and critical use of this new technology.